The World Bank cut its growth forecasts for East Asian and Pacific countries to 5% in 2023 and 4.5% in 2024, citing tighter financial conditions and a sluggish global environment.
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Outpacing emerging markets
Even with this downgrade, the region's growth rate still outpaces the average growth projected for all other emerging markets and developing economies.
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China's steady 2023 projection
China's GDP growth projection remains steady at 5.1% for 2023 but is reduced to 4.4% for 2024 due to challenges like high debt levels and a struggling property sector.
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Pacific island growth surge
Pacific Island countries are predicted to see a 5.2% growth in 2023, while the region excluding China is expected to experience a 4.6% growth.
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Geopolitical risks loom
The World Bank report also warns of geopolitical tensions and natural disasters as economic risks for East Asia.