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World Bank estimates higher growth in East Asia, Pacific region this year

The World Bank said Friday it estimates higher growth in East Asia and Pacific (EAP) region this year.

Growth in developing East Asia and the Pacific is forecast to accelerate to 5.1% in 2023, from 3.5% in 2022, it said in a statement.

China reopening from the quarantine measures of the coronavirus pandemic is expected to help the world’s second-biggest economy rebounding to a 5.1% expansion this year, from 3% last year.

World Bank East Asia and Pacific Vice President Manuela V. Ferro said most major economies in the region have gone through difficulties of the pandemic, but “must now navigate a changed global landscape,” adding “To regain momentum, there is work left to do to boost innovation, productivity, and to set the foundations for a greener recovery.”

The international financial institution said economies in the region must also cope with three important challenges — rising tensions between major trading partners, the rapid aging of the major economies of East and Southeast Asia, and exposure to climate risks.

“Most countries in the EAP region have seen two decades of higher and more stable growth than economies in other regions,” the statement said. “The result has been a striking decline in poverty and, in the last decade, also a decline in inequality.”

“However, the catch-up to the per capita income levels of advanced economies has stalled in recent years as productivity growth and the pace of structural reforms has slowed,” it added.

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