Economic growth in the East Asia Pacific (EAP) region will outpace growth in developed nations -- in spite of China's economic expansion slowing to 7.2 percent in 2015, according to the World Bank's EAP Economic Update, released Monday.
"East Asia Pacific will continue to have the potential to grow at a higher rate – and faster than other developing regions – if policy makers implement an ambitious domestic reform agenda, which includes removing barriers to domestic investment, improving export competitiveness and rationalizing public spending," Axel van Trotsenburg, World Bank East Asia and Pacific Regional Vice President said.
The World Bank trimmed its 2014 global growth forecast to 2.6 percent – its second reduction – from an initial forecast of 3.2 percent in January. Emerging markets in Asia saw capital outflows during the taper tantrum in May-September last year but are better-placed to weather any economic shocks amid renewed foreign investment.
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