China will expand 6. 5 percent this year, the World Bank said, down from an earlier forecast for 7. 5 percent growth and compared with 9 percent growth last year, as export demand weakens in the United States, Europe and Japan. However, Beijing’s $587 billion stimulus will help it shift growth to personal consumption and spending on services, the World Bank said in its twice-yearly report. Government investment and banks’ small exposure to losses on the U. S. mortgage derivatives that sparked the global slump will also help China grow, it said.
Nehru said that a recovery in the world’s third-largest economy would be reflected in a continued rise in the price of commodities, which, while still declining, had experienced a stabilisation. He warned that the sharp economic deterioration had led to millions of job losses across Asia, not yet fully reflected in official unemployment data. Growth in Indonesia will slow to 3. 4 percent this year, down from a previous forecast for 3. 8 percent, the report said. Indonesia may return to 5 percent growth as the government fiscal deficit last year was 0. percent of gross domestic product, meaning policy makers have room to launch fiscal stimulus.The global economic crisis and the security threat posed by North Korea’s rocket launch will grab much of the attention this weekend when Asian leaders gather in Thailand for their annual summit. It will be the first meeting of the leaders of Japan, China and South Korea since Sunday’s launch of what North Korea called a satellite, but which many countries saw as a thinly disguised test of a rocket capable of hitting the United States.
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The summit, which gets underway on Friday in the beach resort of Pattaya, also comes barely a week after G-20 members agreed a $1. 1 trillion blueprint to revive the global economy. Other issues, ranging from energy and food security to climate change and world trade, will also be discussed by leaders of a region encompassing three billion people and which accounts for nearly 30 percent of global GDP. The 10 members of the Association of South East Asian Nations (ASEAN) span the political and economic spectrum: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.