World Bank upgrades East Asian growth to 8.7% this year
From: Xinhua
The East Asian economy is forecast to expand by 8.7 percent this year supported by a recovery in global demand and capital inflows, growth in consumer spending and sustained stimulus, the World Bank said in a report issued Wednesday.
The Washington-based World Bank has upgraded its forecast from November s 6.7 percent, reflecting its growing confidence in the region.
East Asia has emerged stronger from the global crisis and rapid growth will be possible in the coming years even in a weakened global economy, the World Bank said in its latest East Asia and Pacific Economic Update.
The World Bank noted the return of capital flows to the region, with most of the 700 billion to 800 billion U.S. dollars worth of capital flows this year going to East Asia.
Capital flows to East Asia will be supported by expectations of robust growth based on solid fundamentals and prudent policies that are likely to be adjusted with more agility to the changed circumstances of the global economy than in other developing regions, the World Bank said.
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