World Bank: China to drive Asian growth

08:24, January 13, 2011      

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Although China's economic growth is predicted to moderate at 8.5 percent this year, from 10 percent in 2010, it will remain the focus of Asia's expansion, the World Bank said on Thursday.

In a report on the global outlook, the bank said overall growth for developing Asian economies, should ease to 8 percent from last year's 9.3 percent as exports moderate and governments rein in credit to cool inflation.

China's growth is easing as the country winds down stimulus and tightens credit to cool inflation and housing prices, the bank said. Still, it said continued strong Chinese demand for raw materials and components should buoy exports.

"East Asia is well positioned to enjoy further years of strong — albeit more moderate — growth over the period to 2012," said the bank report. "China will remain the focal point of regional activity."

Indonesia's 2011 growth should accelerate to 6.2 percent from last year's 5.9 percent, and Vietnam's growth should moderate to 6.4 percent from last year's 6.7 percent, the bank said.

Source: Agencies
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