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Growth in East Asia set to slow

Growth in developing East Asia will moderate to 7.6 percent this year, mainly due to slower expansion in China, the World Bank forecast on Wednesday.

With the global economic turmoil expected to continue, the region should reduce its reliance on exports and find new sources of growth, according to the bank’s latest East Asia and Pacific Economic Update.

"Risks emanating from Europe have the potential to affect the region through links in trade and finance," said Bert Hofman, the bank’s chief economist for the East Asia and Pacific region. "The European Union, along with the United States and Japan, accounts for more than 40 percent of the region’s exports, and European banks provide one-third of trade and project finance in Asia."

(Source: Shanghai Daily )