The Impact of China’s Economic Crisis on East Asia’s Growth: World Bank’s Forecast

2023-10-02 07:44:44

Washington: The World Bank says that the crisis in the Chinese economy will affect the economic growth of East Asia. The World Bank predicts that the economic growth will decrease in the Pacific countries as well. In 2023, the economic growth of East Asia will decrease to five percent. According to the World Bank, it will be 4.5 percent in 2024.

It was 5.1 percent and 4.8 percent respectively in April forecast. The World Bank has stated that East Asian countries are the fastest growing economies in the new forecast. The new forecast of the World Bank has come out while China is facing a major financial crisis.

Meanwhile, the World Bank has also revised its forecast for China’s economic growth. The World Bank predicts that the Chinese economy will grow at a rate of 4.4 percent next year. Earlier it was stated that 4.8 percent growth would be achieved. Meanwhile, the World Bank has not changed its forecast for China’s growth for the current fiscal year.

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