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WB lowered China's growth estimate to 7.7% in 2012 (2)

By Wei Tian  (China Daily)

13:12, October 08, 2012

Easing euro zone crisis

The report also notes that tensions in the Eurozone have eased following the European Central Bank's announcement to defend the euro in July and the launch of its bond-buying program that significantly calmed the markets. Also, the recent announcements by the United States Federal Reserve regarding a new round of quantitative easing to help stimulate the American economy, has helped revive the global equity markets.

However, the report says that considerable downside risks remain. Should conditions in Europe deteriorate sharply, the risks are high that developing economies might be affected. A crisis in the Eurozone will adversely affect the economies in East Asia and the Pacific mainly through trade and links to the financial sector. The report considers food price increases less of a risk for East Asia at this stage, as rice markets remain well supplied.

Policy makers in the East Asia and Pacific Region will have to continue managing growth and reducing poverty in an environment that will remain volatile, the report says. Countries that have experienced rapid expansion of credit need to be cautious, while exporters of commodities should continue to take measures and build institutions that help manage volatile commodity revenues.

"Over the medium-term, increases in productivity in East Asia and the Pacific, which is increasingly becoming a middle income region, will drive growth. Continued structural reforms, improvements in the business climate and investments in infrastructure and education systems will become more important," said Bert Hofman, World Bank Chief Economist for East Asia and the Pacific.

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