World Bank Raises Real GDP Growth For Developing East Asia

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The World Bank expect Developing East Asia to grow 6.7% this year, larger than the 5.3% expansion estimated in April. Developments in the East Asia and Pacific region remain strongly influenced by China, the World Bank said in its latest East Asia and Pacific Update on Wednesday. Developing East Asia is set to expand 7.8% next year.

The Chinese economy is projected to grow 8.4% this year and 8.7% in 2010. Despite Indonesia and Vietnam performing well, developing East Asia excluding China is projected to grow at around 1% in 2009, the lender added.

World Bank's chief economist for the East Asia and Pacific region, Vikram Nehru said, "Some governments in the region will have the fiscal space to sustain fiscal stimulus until recovery is on a firmer footing. The time to begin removing monetary accommodation may come earlier however, especially given concerns about asset price bubbles."

The World Bank expect Developing East Asia to grow 6.7% this year, larger than the 5.3% expansion estimated in April. (Market News Provided by RTTNews)