Growth in the developing economies of East Asia and the Pacific will accelerate in 2023 thanks to China's reopening and economic rebound, but high inflation and household debt will weigh on consumption in some countries, the World Bank said
The Washington-based lender in a report said it expected growth in the 23-nation region, which includes China, to pick up to 5.1%, up from its 3.5% growth last year.
Countries in developing East Asia and the Pacific include Vietnam, the Philippines, Malaysia, Indonesia, Thailand and Mongolia, plus island nations like Fiji, Vanuatu and Palau. "Most major economies of East Asia and the Pacific have come through the difficulties of the pandemic but must now navigate a changed global landscape," said the World Bank's vice president for the region, Manuela Ferro.
The lender said the most immediate challenge was the growing division between China and the United States.
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