World Bank cuts growth estimates for East Asia to 5% in 2023; slashes China’s 2024 GDP growth amid property crisis

News Snapshot:

The World Bank has cut its growth estimates for developing countries in East Asia and Pacific as the region remains under stress of tighter finances and a weak global environment. The gross domestic product growth is estimated at 5% in 2023 and 4.5% in 2024 as compared to April forecasts of 5.1% for this year and 4.8% for the next, according to the World Bank’s East Asia and Pacific October 2023 Economic Update. The regional growth this year is higher than average growth projected for all other emerging market and developing economies but lower than previously projected. Growth in the...