19 December 2012 05:08 [Source: ICIS news]
SINGAPORE (ICIS)--China, the world’s second biggest economy, should be able to deliver a stronger growth of 8.4% in 2013, after an estimated 7.9% rate of expansion this year, the World Bank said on Wednesday.
The projected GDP growth this year will be the lowest recorded in 13 years and represents a 1.4 percentage points decline from the 9.3% recorded in 2011, the multilateral institution said in a statement.
“Weak exports and the government’s efforts to cool down the overheating housing sector slowed down China’s economy in 2012, but recovery has set in the final months of the year,” the World Bank stated.
“In 2013, China’s economy is expected to grow at 8.4%, fuelled by fiscal stimulus and the faster implementation of large investment projects,” it added.
China is a major importer of petrochemicals in Asia.
Meanwhile, the multilateral institution dubbed the east Asia and the Pacific region remains a “bright spot in [a] difficult landscape”, with economic growth projected at 7.5% this year – in line with China’s slowdown – and at a slightly higher rate of 7.9% in 2013.
“The East Asia and Pacific region is becoming increasingly important for the world economy, and is expected to contribute almost 40% of global growth in 2012,” said World Bank chief economist for east Asia and Pacific Bert Hofman.
Domestic demand remains the main driver of growth for most economies in the region, according to the World Bank.
Developing east Asia, excluding China, is expected to post a 5.6% growth this year – stronger than the 4.4% recorded in 2011 – partly on strong growth in the Philippines and a rebound in economic activities in Thailand following the 2011 floods, the World Bank said.
In Indonesia and Vietnam, economic slowdowns were relatively mild, it said.
“Continuing strong performances by Indonesia, Malaysia, and the Philippines will boost Developing East Asia, excluding China, to 5.7 percent in 2013 and 5.8 percent in 2014,” the multilateral institution said.
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