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 today to 7.2 per cent this year, down from its May forecast of 7.6 per cent. It cut its outlook for China, the region's biggest economy, to 7.7 per cent from May's 8.2 per cent.
The bank said demand in key export markets has been hurt by the lacklustre US 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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