The growth of the non-oil economy of East Timor is expected to accelerate from 4.3 percent last year to 5 percent in 2016, said the World Bank.

A report on the economic prospects for what the bank terms the East Asia Pacific Region – released this week – said the economy of East Timor had bottomed out from a low of 2.8 percent in 2013 with improved infrastructure and domestic market conditions.

“Growth in the non-oil economy is expected to rebound to between 5 and 6 percent in the medium term, with investment, and especially public sector construction projects, as the major driver,” the report said. The World Bank expects the non-oil economy of East Timor to expand at a rate of 5.5 percent in both 2017 and 2018.

The nation “needs to reform the land law to support collateralised credit, to make it easier for firms to access finance,” the report added.

The World Bank also maintains its growth forecast for China this year at 6.7 percent. It expects China’s growth to decelerate to 6.5 percent in the following two years.