According to the World Bank, growth in developing East Asia and Pacific is expected to slow to 4.5% in 2024 due to challenges in China and global uncertainties. Excluding China, the region’s growth is forecasted to be 4.6%, higher than in 2023. Factors such as slowing Chinese growth, high debt levels, and geopolitical tensions contribute to the subdued outlook. Relocation of production away from China may affect countries like Vietnam and Mexico. Bold policy actions, including competition enhancement and infrastructure improvement, are recommended to boost the region’s economy. Negotiating a transition to sustainable growth and avoiding protectionism could serve as catalysts for growth, according to experts.
