World Bank cuts outlook for East Asia, weighed down by sluggish global economy

The World Bank has revised down its growth forecasts for the region for 2023 and 2024. Its latest projection sees developing East Asia and the Pacific wrapping up the year with a 5 per cent growth, narrowly lower than its April projection of 5.1 per cent. For 2024, the region is likely to see an expansion of 4.5 per cent, which is also below the previous estimates. Still, the region’s emerging market economies look set to outshine their peers elsewhere in the world, as they recover from the deep shocks caused by the COVID-19 pandemic, says the World Bank’s Chief Economist of the East Asia and Pacific Region Aaditya Mattoo on CNA’s Asia Now. Subscribe to our channel here: Subscribe to our news service for must-read stories: Telegram - WhatsApp - Follow us: CNA: CNA Lifestyle: Facebook: Instagram: Twitter: TikTok: @channelnewsasia