The drag is partly due to the expected deceleration in the world’s second-largest economy, whose expansion is forecast to slow to 4.5 per cent this year.
| Developing economies of East Asia and the Pacific are set to see slowing growth, with higher-for-longer interest rates and worsening geopolitical tensions clouding the outlook for the region, the World Bank said.
Excluding China, developing East Asia and the Pacific should post a steady expansion at 4.6 per cent this year and 4.8 per cent next year as goods exports likely rebound and financial conditions ease. The Philippines, Vietnam and Cambodia are poised to grow by above 5 per cent in 2024 and about 6 per cent in 2025. Thailand and Myanmar are the laggards among the region’s major economies.
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