Asia faces one of worst economic outlooks in half a century – WB
The World Bank (WB) has cut its forecast for China’s growth next year and warned that east Asia’s developing economies are set to expand at one of the lowest rates in five decades, as US protectionism and rising levels of debt pose an economic drag.
The gloomier 2024 forecasts from the bank underline the mounting concern over China’s slowdown and how it will spill into Asia. China’s policymakers have already set one of the lowest growth targets in decades for 2023, of about 5%.
Citing a string of weak indicators for the world’s second-biggest economy, the World Bank said it now expected China’s economic output would grow 4.4 per cent in 2024, down from the 4.8 per cent it expected in April.
It also downgraded its 2024 forecast for gross domestic product growth for developing economies in east Asia and the Pacific, which includes China, to 4.5%, from a prediction in April of 4.8 % and trailing the 5% rate expected this year. (www.FT.com)
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