World Bank Maintains Positive Outlook for Developing Asian Countries

The World Bank reported that the economic outlook for developing East Asia will remain broadly positive in the next three years due to robust domestic demand and a gradual recovery of the global economy.

WASHINGTON (Sputnik) — The economic outlook for the developing economies of East Asia will remain positive within the next three years, the World Bank said in a report.

"The outlook for developing East Asia is expected to remain broadly positive in the next three years, driven by robust domestic demand and a gradual recovery in the global economy and commodity prices," the report stated on Wednesday.

The World Bank noted that poverty in the region is expected to decline amid sustained growth and rising labor incomes.

"The global environment and domestic vulnerabilities, however, still pose risks to the region’s prospects," the report added.

The World Bank recommended policy makers in the region to continue focusing on prudent macroeconomic management because of the "faster-than-expected" interest rate hikes in the United States as well as the tendencies in some advanced economies toward protectionism.