World Bank Cutting GDP Forecasts for East Asia and China
- Developing East Asia & Pacific 2012 to 7.2% from 7.6% earlier, 2013 to 7.6% from 8.0% earlier.
- China 2012 to 7.7 % from 8.2% earlier, 8.1 % from 8.6 % earlier.
- Says there is risk of more pronounced slowdown in China than currently expected.
- Says rise in global food prices less of a risk to East Asia as rice not affected.
- Raises 2012 Philippine GDP forecast to 5%.
- Keeps 2013 Philippine forecast at 5%.