Arab Today, arab today world bank lowers east asia growth forecast to 71
Last Updated : GMT 23:59:22
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

arabstoday
arabstoday

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

 



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 Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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