The World Bank warns of a deeper and longer slowdown in the region driven by weak exports and domestic demand. At the center of this is an accelerated slowdown in China, where the bank cut its annual growth rate prediction, lowering it to 7.7 percent, about half a point down.
STEVE INSKEEP, HOST:
NPR's business news starts with slower growth in East Asia.
(SOUNDBITE OF MUSIC)
INSKEEP: That prediction comes from a World Bank report released today. The bank warns of a deeper and longer slowdown in the region caused by weak exports and weak domestic demand.
At the center of all this is a greater than slowing of the Chinese economy. The bank cut its annual growth prediction for China to 7.7 percent, which is down about half a point. Though next year, they expect China's economy to rebound a bit, helped by government stimulus measures.
NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.