A World Bank report says Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5% this year from 5.1% in 2023.
FILE - Visitors look at shops selling trinkets and souvenirs along a tourist shopping street in Beijing, Feb. 28, 2023. Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5% this year from 5.1% in 2023, the World Bank said in a report released Monday, April 1, 2024.FILE - People wearing face masks walk by construction cranes near office buildings at the central business district in Beijing on March 15, 2023.
“This report demonstrates the region is outperforming much of the rest of the world, but it’s underachieving its own potential,” Aaditya Mattoo, the World Bank’s chief economist for East Asia and the Pacific, said in an online briefing.Japan’s central bank survey finds less optimistic manufacturers, but happier service sectorA key risk is that the U.S. Federal Reserve and other major central banks might keep interest rates higher than before the pandemic.
The region could be doing much better with improved productivity and greater efficiency, Mattoo said.
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