The World Bank said that Asian economies are beginning to lose steam after making a recovery from the pandemic.
The smaller economies in East Asia, which have largely regained their pandemic-era losses, are now facing a stalled recovery as productivity begins to lag, according to a World Bank report from March 31.
Across the Asia-Pacific region, the report said that countries are expected to experience annual economic growth of 5.1 percent in 2023, up 3.5 percent from last year.
However, China, the world’s second-largest economy, is expected to see its growth decline, to 4.9 percent, this year, after growing 5.8 percent in 2022.
“The forecast assumes a pro-growth alignment of public health, regulatory, and macroeconomic policy in China,” wrote the World Bank….