World Bank warns of slowing growth in East Asia

GDP growth estimate down from 2023’s with expected slowdown in China a factor

Developing economies of East Asia and the Pacific are set to see slowing growth, with higher-for-longer interest rates and worsening geopolitical tensions clouding the outlook for the region, the World Bank said on April 1.

Gross domestic product (GDP) growth is seen at 4.5 per cent for 2024 and 4.3 per cent for 2025, down from the 5 per cent estimated for 2023, the World Bank said in its semi-annual outlook.

While most economies in East Asia and the Pacific are set to grow faster than the rest of the world, their pace is still slower than before the pandemic.

The drag is partly due to the expected deceleration in the world's second-largest economy, whose expansion is forecast to slow to 4.5 per cent and 4.3 per cent in 2024 and 2025, respectively.