The slowdown in China, weaker commodity prices and the prospect of tighter external financing conditions are dimming the growth outlook for developing East Asia-Pacific, the World Bank warned, a region that has long been a bright spot in the world economy.

It downgraded its 2015, 2016 and 2017 growth projections for developing East Asia-Pacific to 6.5, 6.4 and 6.3 percent respectively on Monday. That's down from its previous prediction in April of 6.7 percent growth for both 2015 and 2016 and 6.6 percent in 2017, and the April predictions themselves were trimmed from a previous forecast.

Developing East Asia and Pacific, which grew 6.8 percent last year, comprises of 14 nations including China, Indonesia, Malaysia, Philippines, Thailand and Vietnam.

"Growth in developing East Asia and Pacific is expected to ease," the Washington-based lender wrote in its East Asia and Pacific Economic update report.

"China's economy will shift to a more balanced and sustainable growth path. In the rest of the region, growth conditions will depend on the exposure of countries to accelerating demand in high-income economies, gradually tightening external financing conditions, and still-subdued international commodity prices," it said.

The World Bank expects China to meet its annual gross domestic product (GDP) growth target of about 7 percent this year, with economic expansion set to moderate thereafter as investment growth decelerates on the back of tighter credit and more subdued property sector conditions.