The World Bank has lowered its forecasts for growth in developing East Asia this year and next, as China's expansion slows down and policymakers brace for tighter global monetary conditions.
The region is forecast to grow 6.9 percent in 2014 and 2015, down from 7.1 percent projected in April, the Washington-based lender said in its East Asia and Pacific Economic Update, which was released Monday.
China will expand 7.4 percent this year and 7.2 percent next year, compared with 7.6 percent and 7.5 percent previously forecast, according to the report.