MANILA, Philippines – The World Bank says China’s slowing economy will remain the main driver of growth in Asia this year, helped by sustained expansions in many developing economies.
The U.S.-led development bank forecast Monday that developing East Asia will grow at a still robust pace of 6.3 per cent this year, down from 6.5 per cent in 2015. It said the Philippines and Vietnam will lead growth, with economies expanding by more than 6 per cent.
Indonesia, the biggest economy in Southeast Asia, is forecast to grow by 5.1 per cent in 2016 and 5.3 per cent in 2017.
China is shifting from export and investment-led growth to a greater reliance on consumer spending. The World Bank’s latest estimate puts growth at 6.7 per cent this year and 6.5 per cent in 2017, down from 6.9 per cent in 2015.