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World Bank downgrades growth for East Asia as China economy slows
The World Bank has trimmed its growth forecast for East Asia and the Pacific to the Slowest pace in five decades. It now expects the region to grow 5% this year, down from its previous forecast of 5.1%,, as sluggish post-pandemic recovery, China's property crisis and US trade policies pose an economic drag. For 2024, the bank now expects 4.5% growth for the region, down from the 4.8% it predicted in April, over the mounting concern over China's slowdown and how it will spill into Asia. The world's second-largest economy is forecast to see a growth of 4.4%.
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