Economic growth in East Asia and the Pacific is projected to soften to 6% in 2019 and 2020, down from 6.3% in 2018, the World Bank (WB) said on Wednesday (April 24). Largely, the Fund said, reflecting global headwinds and a gradual policy-guided slowdown in China.

Still, the region’ economies weathered the volatility of the financial market of 2018 relatively well largely due to effective policy frameworks and strong fundamentals, including diversified economies, flexible exchange rates, and solid policy buffers.

China’ ongoing, policy-guided slowdown will lead to 6.2% growth in 2019 and 2020, down from 6.6% in 2018. Growth rates in Thailand and Vietnam are expected to be slightly lower in 2019, each at 3.8% and 6.6%.