MANILA, Philippines (AP) — The World Bank says China’s slowing economy will remain the main driver of growth in Asia this year, helped by sustained expansions in many developing economies.
The U.S.-led development bank forecast Monday that developing East Asia will grow at a still robust pace of 6.3 percent this year, down from 6.5 percent in 2015. It said the Philippines and Vietnam will lead growth, with economies expanding by more than 6 percent.
Indonesia, the biggest economy in Southeast Asia, is forecast to grow by 5.1 percent in 2016 and 5.3 percent in 2017.
China is shifting from export and investment-led growth to a greater reliance on consumer spending. The World Bank’s latest estimate puts growth at 6.7 percent this year and 6.5 percent in 2017, down from 6.9 percent in 2015.