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World Bank: Inflation threatens East Asia development

By Tu Lei (chinadaily.com.cn)
Updated: 2008-04-03 15:17

The World Bank predicted in its latest six-month review, released Tuesday, of the East Asia and Pacific region's economies that the economic growth of East Asia, including China, will be dragged down by inflation.

In the report, the World Bank said the rising prices of grains and energy, and not the United States sub-prime crisis, threaten the development of East Asia.

"East Asian economies will face testing times in 2008," said the report, adding there are some uncertain elements in the international economy.

The World Bank cut its forecast for East Asia excluding Japan from 8.2 percent to 7.3 percent in 2008.

Growth of East Asian developing economies in this global slowdown scenario is expected to fall to 8.6 percent in 2008, the lowest since 2002, down from 10.2 percent in 2007, said the report.

Developing East Asian economies cover all countries and regions in East Asia, with the exception of Japan, Singapore, South Korea, China's Hong Kong and Taiwan Province.

China's growth is expected to finally dip below 10 percent after five consecutive years of double-digit growth, mainly due to lower export growth, said the report.

Meanwhile, the report also predicted the US growth at between 0.5 and 1.4 percent in 2008, lower than last year's 2.2 percent.

The Asian Development Bank yesterday reduced its growth forecast for China to 10 percent this year from 11.4 percent in 2007.