The World Bank announced today that it reduced its growth forecasts for developing countries in East Asia to 7.2% for the year (excluding Japan and India) — its lowest growth rate in 11 years and down from 8.3% in 2011 and 7.6% in May. Part of the slowdown is due to manufacturing, which contracted in September from Europe to China as the euro area’s fiscal crisis hurt investor confidence and dimmed global growth prospects.