Arab Today, arab today world bank lowers east asia growth forecast to 71
Last Updated : GMT 12:32:14
Arab Today, arab today
Arab Today, arab today

US fiscal crisis could be damaging to region

World Bank lowers East Asia growth forecast to 7.1%

Arab Today, arab today

Arab Today, arab today World Bank lowers East Asia growth forecast to 7.1%

Indonesian customers enter money changer office in Jakarta
Jakarta - Arab Today

Indonesian customers enter money changer office in Jakarta The World Bank on Monday lowered its 2013 growth forecast for East Asian developing countries to 7.1 percent and warned that a prolonged US fiscal crisis could be damaging to the region. The estimate for this year\'s gross domestic product (GDP) growth is down from a forecast of 7.8 percent in April, and lower than the 7.5 percent growth recorded in 2012 and 8.3 percent in 2011.
Regional GDP growth in 2014 and 2015 was forecast at 7.2 percent for both years with middle-income economies like Indonesia, Malaysia and Thailand also softening. Excluding China, the region is expected to grow 5.2 percent in 2013 and 5.3 percent in 2014.
Bert Hofman, the World Bank\'s East Asia and Pacific chief economist, told journalists that the bank was expecting a \"smooth resolution\" of the budgetary impasse that has forced parts of the US government to shut down.
However, he added: \"If there were to be a sustained deadlock, it could actually be quite damaging also for the East Asian economies.
\"For every percentage point growth lost in the United States, we would see about half a percentage point growth lost in East Asia.\"
The US impasse has raised fears US lawmakers will not increase the country\'s borrowing limit before an October 17 deadline, which could lead the government to default on its debts.
Hofman said: \"Any refusal on the increase in the debt ceiling is so unprecedented that it is very hard to predict what would happen. So we don\'t have that in the simulation.\"
In a report, the bank said East Asia is still the fastest growing in the world despite a slowdown in powerhouse China and a softening in places such as Indonesia and Thailand this year.
?East Asia-Pacific continues to be the engine driving the global economy, contributing 40 percent of the world?s GDP growth -- more than any other region,\" said Axel van Trotsenburg, the World Bank\'s East Asia and Pacific Regional Vice President.
\"With overall global growth accelerating, now is the time for developing economies to make structural and policy reforms to sustain growth, reduce poverty and improve the lives of the poor and vulnerable,? he added in a statement.
The bank noted that in recent months speculation about the withdrawal of the US Federal Reserve\'s stimulus programme led to stock market sell-offs and currency depreciation in East Asia, hurting countries with large foreign participation in their financial markets.
?The Federal Reserve?s decision to delay (a wind down of the stimulus) stabilised markets for now, giving countries a second opportunity to take measures to lower risks from future volatility,? said Bert Hofman, World Bank East Asia and Pacific Chief Economist.
\"Reducing reliance on short-term and foreign currency denominated debt, accepting a weaker exchange rate when growth is below potential, and building policy buffers to respond to changing global liquidity conditions are some of the ways that can help countries be prepared.?
The impact of any US tapering on capital inflows in the region may also be offset by ?Abenomics?, Japan?s new strategy to revive growth, which could increase Japanese investment in the region, the bank said.
?Structural reforms that will give people the opportunity to share in the gains of progress hold the key to future growth,? said Hofman.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world bank lowers east asia growth forecast to 71 Arab Today, arab today world bank lowers east asia growth forecast to 71

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future

GMT 10:06 2017 Friday ,17 February

South Korea's Hanjin Shipping declared bankrupt

GMT 09:26 2017 Friday ,17 February

Samsung's history tainted by run-ins with the law
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday