BANGKOK – The World Bank has trimmed its growth forecast for developing East Asian economies this year to 6.9 percent and urged governments to improve conditions for investment and exports.
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Monday's forecast said Asian growth should pick up next year, with the exception of China, as a recovery in developed markets increases demand for exports.
The latest growth outlook is down from the bank's 7.1 percent forecast for the region that includes China, Southeast Asia and Pacific Islands. But the region still has the world's fastest growth.
The bank said the region has the potential to grow faster than other developing regions if governments implement an "ambitious domestic reform agenda" including removing barriers to investment and improving export competitiveness.