Daily Management Review

World Bank: Asia-Pacific economies to grow by 3.2% in 2022 against 7.2% in 2021


Slowing global demand, growing debt levels, and short-term price increases for food and fuel will all impede the economic growth of countries in the Asia-Pacific area. This is noted in the World Bank's publicly available prediction.

"In 2022, most of East Asia and the Pacific recovered from the COVID-19 effects, but China's growth slowed down as a result of ongoing virus-fighting efforts.

Looking ahead, a slowdown in global demand, growing debt levels, and a focus on quick fixes for rising (food) and fuel prices might all harm the region's economy, the forecast notes.

As a result, growth in East Asia and the Pacific, excluding China, is anticipated to increase to 5.3% in 2022 from 2.6% in 2021.

After expanding by 8.1 percent in 2021, the GDP of China is predicted to expand by just 2.8 percent in 2022.

source: worldbank.org