The World Bank‘s most recent semi-annual report reveals a downward revision in growth predictions for developing economies across East Asia and the Pacific for the years 2023 and 2024. This downward adjustment can be attributed to various factors, including the constraints imposed by tighter financial conditions and the ongoing challenges within the global economic environment.
According to the report, the anticipated Gross Domestic Product (GDP) growth for the region now stands at 5% for 2023 and 4.5% for 2024, marking a slight decline from the April forecasts of 5.1% and 4.8%, respectively.
Despite this adjustment, the World Bank underscores that these growth rates remain comparatively robust when compared to other emerging markets worldwide. The deceleration in economic growth can, in part, be attributed to the economic situation in China,…
