World Bank: Asia to keep growing despite US downturn

The World Bank's latest report on East Asia says the region will continue to grow despite a potential US slowdown due to China's economic strength, the Financial Times reported. The bank's twice-yearly report, which excludes Japan, said the region would grow 8.4% this year, beating an estimate of 7.3% made in April. The region will grow at a slightly slower pace of 8.2% next year. Even if the US economy stops growing, East Asia's growth will only decline by 1%, the report said. The US economy is projected to grow by 1.9% this year. The report also said that a Chinese stock market correction would have "fairly limited" effects on the wider economy. The number of Chinese living on US$1 a day at the end of last year was estimated to be 101 million, five times Beijing's official estimate.