The World Bank has worsened the growth forecast for the economies of East Asia – Kommersant
[ad_1]
The World Bank has lowered its forecast for near-term growth in developing economies in East Asia and the Pacific. According to report Bank, the region’s GDP growth at the end of 2023 will be 5%, which is 0.1% lower than the bank’s previous estimate given in April of this year. But the discrepancy between the new forecast for 2024 and the previous one turned out to be much more significant. While in April the World Bank believed the region’s economy would grow by 4.8% next year, it has now lowered its expectations to 4.5%.
Such a significant revision of the region’s GDP growth dynamics is associated with China’s economic problems. Its economic growth forecast for this year remained unchanged at 5.1%, but next year the bank expects growth to be 4.4% rather than 4.8%.
“China’s ongoing domestic challenges – slowing economic recovery, rising debt and weakness in the real estate sector, structural factors such as an aging population – will weigh on China’s economic growth, slowing it to 4.4% in 2024,” it said. World Bank.
[ad_2]
Source link
