Dubai-Mubasher: The World Bank has cut its growth forecast for the Asia Pacific region for 2015 and 2016, because of the risks posed from a sharp slowdown in China and raising U.S. interest rates.

The bank expects growth in developing East Asia and the Pacific to be 6.5% this year and 6.4% in 2016, down from an earlier forecast of 6.7%.

The latest estimate is even lower than growth of 6.8% last year.

Major development banks have recently revised lower their growth forecasts.

The Asian Development Bank earlier said slowing growth in China would drag down the developing region's growth to 5.8% this year.

The International Monetary Fund (IMF) also flagged in September that slowing growth in the world's second-largest economy posed a threat to the global economy.