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Vietnam emerges as Asia's growth leader as China slows

Food, fuel subsidies risk long-term distortion, warns World Bank

People shop for food in a market in Hanoi: Vietnam's economy is to grow faster than its Asia-Pacific peers this year, expanding by 7.2%, the World Bank said in its latest forecast.   © AP

BANGKOK -- The World Bank downgraded its annual growth forecast for the Asia-Pacific, a region buoyed by Vietnam but not by enough to offset China's slowing economy.

In its latest economic forecast published Tuesday, the bank sharply downgraded China's growth to 2.8% from 5% in April. That slowed the region's forecast expansion to 3.2% for this year, down from 5% growth projected in April. The report covers East Asia, Southeast Asia and the Pacific islands, but excludes Japan and the two Koreas.

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