Global turmoil hurts East Asia
Turmoil in Europe coupled with devastating natural disasters have taken a toll on growth in East Asia and the slowdown will continue next year, the World Bank says.
It forecasts gross domestic product growth in the countries of developing east Asia to be 8.2 percent this year, about 1 percentage point lower than last year. The deceleration will continue next year, with growth of 7.8 percent predicted. The bank also warned the risks to its forecasts are "on the downside" given the cloud of economic uncertainty over the euro zone.
The World Bank's biannual East Asia and Pacific Economic Update, which covers several big Australian export markets including China, Thailand, Malaysia and Indonesia, said the region's growth prospects were "constrained" by global uncertainties.