East Asia's economy continues to lead global growth at 7.1% in 2013

The World Bank forecast the economies in East Asia would expand at a slower pace this year, but kept leading the global growth at 7.1 percent, according to a report released by the bank here today. The bank said that China's shifting from export-oriented economy to domestic-demand orientation contributed to the slow of the economic expansion. The economic growths in larger middle income countries, including Indonesia, Malaysia and Thailand were projected to slow due to lower investment, and weakened export values. Next year, the bank forecast the region's economy to expand by 7.2 percent. The growth target this year and next year was slightly lower than the bank previous projection in April. "East Asia-Pacific continues to be the engine driving the global economy, contributing 40 percent of the world's GDP growth, more than other region," Axel van Trotsenburg, World Bank East Asia and Pacific Regional vice president said in the statement. He suggested the developing economies in East Asia make structural and policy reform to sustain growth. The bank expected China's economy to expand by 7.5 percent this year and 7.7 percent next year, but risks remain related to the structuring of China's economy. Excluding China, the region was expected to grow at 5.2 percent this year and 5.3 percent next year, contributed by domestic to stock demand. But investment growth was moderate in the larger economies of ASEAN such as Indonesia, Thailand and Malaysia. The economic growth in smaller economies in the region was more encouraging.