The World Bank expects East Asian and Pacific economies to grow more than it previously estimated, thanks to a sharp rebound in activities in China.
The East Asia and Pacific region is projected to expand by 5.1% in 2023, up from the 4.6% it forecast in October last year, the World Bank said in its April report.
As for China's economy, the World Bank raised its full-year growth forecasts for 2023 from 4.5% to 5.1%. The World Bank said "the most immediate challenge" for the region is the growing division between the U.S. and China.The World Bank expects East Asian and Pacific economies to grow more than it previously estimated, thanks to a sharp rebound in activities in China, noting that the region hasn't been affected by global banking stresses.
The region is projected to expand by 5.1% in 2023, up from the 4.6% it forecast in October last year, the World Bank said in its April report. The East Asia and Pacific region grew by 3.5% in 2022, it said.As for China's economy, the World Bank raised its full-year growth forecasts for 2023 from 4.5% to 5.1%.
"The forecast assumes a pro-growth alignment of public health, regulatory, and macroeconomic policy in China," it said, adding that a rebound in domestic consumption is expected to put "moderate upward pressure" on inflation, which it expects will rise to 2.6% in 2023 from 2% in 2022.
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