The eurozone debt crisis could harm the growth of East Asian economies, the World Bank has warned.<\/p>\n
The bank said that a “serious disruption” in the eurozone could hurt growth and dent demand for exports from East Asia.<\/p>\n
It said that East Asian countries need to boost domestic demand to rebalance their economies and sustain growth.<\/p>\n
The bank warned that a faster-than-expected slowdown in China was also a threat to the region’s growth.<\/p>\n
“A slowing China – which comprises 80% of developing East Asia’s gross domestic product – is a drag on growth across much of the region given China’s growing role as an export destination and source of foreign investment,” the bank said in its latest report.<\/p>\n
“In particular, a slowing in Chinese investment will primarily hurt demand for commodity and capital goods and particularly impact natural resource exporters that are heavily reliant on Chinese demand.”<\/p>\n
Slowing growth<\/strong> It has forecast the region to grow by 7.6% in 2012, down from 8.2% last year, not least because of falling demand from key export markets such as the US and Europe.<\/p>\n “Prospects for East Asia are, as in other developing regions, weighed down by the persistent tepid recovery of the US and, most particularly, the uncertainty in Europe,” the bank said.<\/p>\n It warned that growth in the region may slow even further if global economic conditions worsen.<\/p>\n “The prospects for growth in developed markets, and the potential impact that a renewed global recession would have on trade and capital flows, has heightened uncertainty about the growth prospects in Europe, Japan, and much of East Asia.”<\/p>\n","protected":false},"excerpt":{"rendered":" The eurozone debt crisis could harm the growth of East Asian economies, the World Bank has warned. 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\nThe World Bank said that it expects growth in East Asian economies to slow in the current year.<\/p>\n