World Bank says recoveries in Asian economies losing steam

BANGKOK — Developing economies in Asia have mostly regained ground lost during the pandemic but are seeing their recoveries stall as productivity lags, the World Bank said in a report released Friday.

The report forecasts that growth in the region including China will pick up pace this year after the world’s No. 2 economy relaxed pandemic restrictions on travel and other activities. But recoveries elsewhere in the region, excluding China, will moderate as pressures of inflation and growing household debt slow consumer spending, it said.

Across the Asia-Pacific, economies are expected to grow at a 5.1% annual pace this year, up from 3.5% in 2022, the report said. But not including China, growth is expected to slip to 4.9% in 2023 after a rebound from the worst of the pandemic of 5.8% in 2022, it said.

Major Asian economies like Indonesia, Philippines, Thailand and Vietnam will see…