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World Bank East Asia and Pacific Economic Update, October 2013: Rebuilding Policy Buffers, Reinvigorating Growth

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Summary

Developing economies in East Asia and Pacific are projected to grow at 7.1 % in 2013, down from 7.5 percent last year. While the pace of growth is slowing, the region will still contribute 40% of global growth and one-third of global trade this year †“ higher than any other region in the world.

In China, growth is moderating as the country rebalances to pursue a more sustainable growth path. In 2013, it is expected to meet the official indicative growth target of 7.5%.

The Federal Reserve’s decision to delay tapering of quantitative easing stabilized markets for now, giving countries some reprieve and a second chance to take measures to lower risks from future volatility.

In the long term, as higher global interest rates are likely to affect investment, accelerating growth and poverty reduction depends critically on structural reforms. Countries need to improve their investment climate and invest more in infrastructure, while making public investment more efficient. They also need to address fiscal risks and create space to support long-term growth.

The World Bank East Asia and Pacific Economic Update is a comprehensive, twice-yearly review of the region's economies prepared by the East Asia and Pacific region of the World Bank.

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