In 2023, the East Asia and Pacific (EAP) region experienced a growth rebound to 5.1 percent from 3.4 percent in 2022. This was largely due to a temporary surge in economic activity in China at the beginning of the year after the pandemic restrictions were lifted.
Key points
- Growth in EAP set to decelerate to 4.5 % in 2024 and to 4.4 % in 2025. This is mainly due to the slowdown of growth in China, which is facing domestic and external challenges. Excluding China, the EAP region is expected to see a modest improvement in growth, driven by the recovery of tourism in the Pacific Island economies.
- Risks to the outlook are tilted to the downside. The main sources of uncertainty include the evolution of the COVID-19 pandemic and its variants, the pace and effectiveness of vaccination campaigns, the possibility of renewed outbreaks and lockdowns, the potential spillovers from China’s…
