World Bank cuts China growth forecasts - America's deadlock isn't the only issue worrying the City today. The World Bank has warned that East Asia's economic growth is slowing as it cut its GDP forecasts several nations, including China.
In a new report, the Bank said weaker commodity prices means weaker growth in the region. It also urged Chinese policymakers to tackle the consequences of recent loose policy and tighten financial supervision.
Here's a flavour:Developing East Asia is expanding at a slower pace as China shifts from an export-oriented economy and focuses on domestic demand," the World Bank said in its latest East Asia Pacific Economic Update report.
"Growth in larger middle-income countries including Indonesia, Malaysia, and Thailand is also softening in light of lower investment, lower global commodity prices and lower-than-expected growth of exports," it added.
It now expects the Chinese economy to expand by 7.5% this year, down from its April forecast of 8.3%. For 2014, the forecast is cut from 8% to 7.7%.
5 comments:
in Greece, despite the troika admitting that Greece had had the largest tax increases of any EZ nation in 2013, the european commission still wants to slap higher taxes on heating fuel, natural gas, electricity and VAT.
Will they only be happy when people start freezing and starving to death?
That's how it will end: China pulls the plug and the USA goes bust.
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Schtroumpf ProEurope
10 October 2013 9:20am
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That would really be the end... of China. And thus, of Germany. No more clients in the US to buy Mercs, BMWs and Volkswagens, no more clients in China to buy German tools for manufacturing for the US markets. Mayhem and despair all around the industrialized world.
That's globalization for you! If you want to live well, love thy neighbour and wish him no harm. (And that applies first and foremost within Europe.)
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ProEurope Schtroumpf
10 October 2013 9:26am
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That's wrong, now only 6% of german exports for example, go to the US.
That will make a dent, yes, but won't bring down the economy. Other european countries exports similiar percentages to the US.
But don't let facts get in your way, the US goes bust either way sooner or later.
Mayhem and dispair will finally reach the financial world.
You seem to have overlooked, who has become dependend from whom: As always when an empire went down it was due to decadence (waste), becoming overstretched, and when the mainland became dependend on it's "colonies".
It's once again party time for the political caste in Italy. They are waking up this morning, amidst a sea of empty champagne bottles, with serious hangovers but with joy in their hearts.
Three hundred members of local government and forty seven MPs and senators, accused of fraud, conspiracy with the mafia, bribery, fraudulent bankruptcy, abuse of office, illegal financing, instigating corruption, aggravated corruption, false testimony and illegal exchanges with the mafia, will soon be voting on whether we should erase their crimes and punishment.
At the last elections, only M5S and Monti's Scelta Civica, didn't have criminals representing them in parliament, or at least, people being investigated or tried. We are now alone since some of Monti's boys are in trouble for maxi-fraud.
The caste is looking after its own and damaging the public interest.
Here is Grillo's response to King George's extraordinary outburst the other day.
http://www.beppegrillo.it/en/2013/10/here_no_one_is_stupid.html
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PS. If you know anyone that wants to buy lots of planes, please tell them that AlItalia is up for sale. We cannot afford to pay for it again.
Marine Le Pen's Eurosceptic party is now leading the polls in France?
http://globaleconomicanalysis.blogspot.com/2013/10/marine-le-pens-eurosceptic-front.html
I dont know about the wisdom of all of her views, but the lurch to the right in France seems significant. What would all those French farmers do if France left the EU?
just love spin. How abut the following headline:
"Manufacturing recovery continues despite fall in factory output growth"
The article states that UK PMI (purchasing managers index) is higher than it was six months ago. Of course, the article fails to mention that the PMI is lower than it was three years ago, in January 2011.
The article goes on to say that the UK is better off than Greece or Spain. This shows how far we've fallen: comparisons with countries bordering the North Sea are to be avoided, only comparisons with Greece make the UK look good.
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