The World Bank released its forecast for economic growth in developing countries in East Asia and Pacific on Monday. Developing East Asia will expand 6.5% in 2015, down from its April estimate of a 6.7% growth.

The downgrade was driven by a slowdown in the Chinese economy and the expected interest rate hike by the Fed.

China is expected to grow 6.9% in 2015, 6.7% in 2016 and 6.5% in 2017.

"Growth in developing East Asia Pacific continues to be solid, but the moderating trend suggests policy makers in the region must remain focused on structural reforms that lay the foundation for sustainable, long-term and inclusive growth," the World Bank East Asia and Pacific Regional Vice President, Axel van Trotsenburg, said.