World Bank lowers 2023 growth forecasts for East Asia
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The World Bank recently adjusted its growth predictions for developing countries in East Asia and the Pacific, pointing to tighter financial conditions and a sluggish global environment. The region's GDP growth is now expected to hit 5% in 2023 and 4.5% in 2024, a slight dip from the April forecasts of 5.1% and 4.8%, respectively. Even with this downgrade, the region's growth rate still outpaces the average growth projected for all other emerging markets and developing economies.