Sudhir is seen making a brief statement at Wisma Bapa Malaysia. Sudhir, chief economist of the East Asia and the Pacific Region of the World Bank noted that developing economies in East Asia have performed remarkably despite the current price of commodities.
KUCHING: The World Bank has noted that East Asian and the pacific economies including Malaysia has outperformed most developing economies such as Brazil and Mexico.
During a briefing at Wisma Bapa Malaysia, Sudhir Shetty, chief economist of the East Asia and the Pacific Region of the World Bank noted that developing economies in East Asia have performed remarkably despite the current price of commodities.
He added that the region is growing at roughly six per cent largely due to China.
“Even if we take China out of the picture, we are still looking at four to 4.5 per cent growth in the region,” he enthused.
Looking ahead, Shetty believed that despite the resilience, growth is expected to ease modestly reflecting China’s slower and more sustainable growth and adding to that, the World Bank believes that commodity prices will remain low as well.
On a regional scale, the region’s growth prospects faces a challenging backdrop as slow growth in high income countries, broad slowdown across emerging markets, weak global trade as well as the increasing volatile global financial markets will not help commodity exporters.