The World Bank has released a new set of estimates for Asian economies, the organization said today in a statement announcing the publication of the latest edition of its bi-annual East Asia and Pacific Economic Update. It anticipates that the region will record annual growth of 7.9% in 2013 after 7.5% this year. These figures are lower than the 8.3% registered in 2011.
The Bank revised its previous estimate for China. Now, it anticipates the country will see 8.4% growth in 2013, several notches past its former expectation of 8.1%. For 2012, it believes that figure will be 7.9% -- the lowest number since 1999.
Developing East Asia, meanwhile, also received an upward revision. 2013 growth is now estimated at 5.7%, up from the bank's previous expectation of 5.5%. Meanwhile, the subregion should record a 5.6% increase for 2012.
The Bank believes that the region as a whole -- which it says is "becoming increasingly important for the world economy" -- will be responsible for nearly 40% of worldwide growth in 2012.