7 Dec, 2010
HONG KONG: The Asian Development Bank says the economies of East Asia will grow 8.8 percent this year but that growth will slow down next year because of a weak outlook for the global economy.
The Manila-based development bank said in a report Tuesday that growth in developing East Asian countries will ease to 7.3 percent in 2011.
The bank also attributed the slowdown to governments phasing out stimulus programs next year.
The bank had upgraded its outlook for East Asia in September to 8.4 percent because of faster-than-expected growth from China. It maintains its 2011 growth forecast for China of 9.1 percent.
The report covers China, Taiwan, South Korea, Singapore, Thailand, Vietnam, the Philippines, Malaysia, Laos, Indonesia, Cambodia, Myanmar and Brunei. - AP
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