The World Bank launched the East Asia and Pacific Economic Update in an event jointly organised with the ISEAS-Yusof Ishak Institute on 5 October, 2015.
The speaker, Dr Sudhir Shetty, currently Chief Economist of the East Asia and Pacific Region of the World Bank, pointed out that growth in East Asia and the Pacific was likely to moderate but still remain solid.
East Asia remains one of the main growth drivers and accounts for nearly two-fifths of global economic growth. Overall, the region is expected to grow 6.5 percent in 2015, moderating slightly from 6.8 percent last year. China’s economy is expected to grow at about 7 percent this year, as its economy continues to shift toward a model dominated by domestic consumption and services.
The rest of developing East Asia is expected to grow 4.6 percent in 2015, similar to the rate last year. Commodity exporters such as Indonesia and Malaysia will see slower growth and lower public revenues this year, reflecting weaker global commodity prices. Commodity importers will maintain stable. Vietnam, for example, is expected to grow 6.2 percent in 2015 and 6.3 percent in 2016.
The East Asia and Pacific Update is the World Bank’s comprehensive review of the region’s economies and is available free at http://www.worldbank.org/eapupdate