WB cuts growth forecasts for East Asia, Pacific

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Hanoi (VNA) – The World Bank (WB) has slightly lowered the growth forecast for developing East Asia and Pacific to 5% in 2023 from the April prediction of 5.1%.

In its East Asia and Pacific October 2023 Economic Update, the WB said regional growth this year is higher than the average growth projected for all other emerging markets and developing economies but lower than previously projected.

Meanwhile, it forecast the region’s growth in 2024 at 4.5%, down from the April forecast of 4.8%, due to external factors such as slowing global growth, high interest rates, and increasing protectionist measures.

Almost 3,000 new restrictions were imposed on global trade in 2022, three times larger than those in 2019, the WB noted.

“The East Asia and Pacific region remains one of the fastest growing and most dynamic regions in the world, even if growth is moderating,” said WB East Asia and Pacific Vice-President Manuela V. Ferro. “Over the medium term, sustaining high growth will require reforms to maintain industrial competitiveness, diversify trading partners, and unleash the productivity-enhancing and job-creating potential of the services sector.”/.

VNA