World Bank – East Asia and The Pacific Economic Update, Apr 2024

The World Bank's East Asia and the Pacific Economic Update for April 2024 indicates that most economies in the region, with the exception of certain Pacific Island Countries, are experiencing faster growth compared to the global average, although it is slower than the pre-pandemic levels. China's growth is forecasted to slow down to 4.5 percent in 2024, primarily due to issues such as high debt levels, weaknesses in the property sector, aging population, and trade tensions. The rest of the EAP region is expected to grow by 4.6 percent in 2024, supported by a rebound in global goods trade and improving global financial conditions. However, the Pacific Island countries are expected to see slower growth at 3.6 percent as the post-COVID-19 rebound fades. Some countries in the region are still struggling to reach pre-pandemic levels of output per capita. The economic performance is influenced by factors such as recovering trade, trade protection measures, tight financial conditions, increased debt levels, constrained policy stance, and political uncertainty.