The World Bank on October 7 cut its 2013 and 2014 economic growth forecasts for developing economies in East Asia to 7.1 and 7.2 percent respectively.

In April, the Washington-based bank gave an estimate of 7.8 and 7.6 percent for the region.

“Developing East Asia is expanding at a slower pace as China shifts from an export-orientated economy and focuses on domestic demand,” said the bank 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.

The bank reduced its forecast for China from 8.3 percent to 7.5 percent. It also cut its forecasts for Indonesia, Malaysia and Thailand but raised its outlook for the Philippines in its latest report.-VNA