Key Points
Although Asian economies are expected to see growth of 5.1% this year, up from 3.5% last year, recoveries in economies excluding China will stagnate due to growing household debt and inflation pressures slow down consumer spending, dampening demand..
The World Bank report also forecasts that China's economy has slowed down after the disruptions caused by the COVID-19 pandemic while other developing economies will see the worst of the pandemic recoveries in 2022, slipping back again in 2023.APDeveloping.
economies in Asia have mostly regained ground lost during the pandemic but are seeing their recoveries stall as productivity lags, the World Bank said in a report released Friday.y...
But not including China, growth is expected to slip to 4.9% in 2023 after a rebound from the worst of the pandemic of 5.8% in 2022, it said.. Major Asian economies like Indonesia, Philippines, Thailand and Vietnam will see their recoveries slow and meanwhile face risks from weakening global growth, spillover from the war in Ukraine and climate change disasters...
"Once pent-up demand from post-lockdown fades, we think that Asian economies will settle at lower GDP growth and higher inflation than our pre-pandemic forecasts," Sung Eun Jung of Oxford Economics said in a report...
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