World Bank cuts Asia growth outlook for this year

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Associated Press

Posted on October 8, 2012 at 2:02 AM

The World Bank says Asia's growth is slowing more sharply than expected due to weak global demand and warned China faces the risk of a "more pronounced slowdown" than expected.

The bank cut its growth outlook for Asia on Monday to 7.2 percent this year, down from its May forecast of 7.6 percent. It cut its outlook for China, the region's biggest economy, to 7.7 percent from May's 8.2 percent.

The bank said demand in key export markets has been hurt by the lackluster U.S. recovery and recession in Europe.

The bank said China faces the risk of a "more pronounced slowdown" than expected. Chinese growth has slowed largely due to government efforts to cool an overheated economy and inflation but also has been hurt by weak global demand.

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