World Bank Cuts 2022 East Asia Growth Aim

World Bank Cuts 2022 East Asia Growth Aim

• Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China’s slowdown, but the pace of expansion will pick up next year, the World Bank said. The Washington-based lender said in a report it expected 2022 growth in the East Asia and Pacific region, which includes China, to slow to 3.2%, down from its 5.0% forecast in April, and the previous year’s growth of 7.2%.
• The weaker forecast was due mainly to a sharp slowdown in China, caused by its strict zero-COVID rules that have disrupted industrial production, domestic sales and exports, the World Bank said. China, which constitutes 86% of the 23-country region’s economic output, was projected to grow 2.8% this year, a significant deceleration from the bank’s previous forecast of 5.0%. In 2021, China’s economy expanded 8.1%, its best growth in a decade. For 2023, the world’s second-largest economy was seen growing at 4.5%.

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Published date : 29 Oct 2022 03:37PM