Debt, trade barriers and uncertainty will drag on Asian economies in 2024, World Bank report says
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Asian economies are forecasted to slow to 4.5% growth in 2024 from 5.1% in 2023 due to debt, trade barriers, and policy uncertainties, according to a World Bank report. The report highlights the need for governments to address long-term problems such as weak social safety nets and underinvestment in education. The region's economies are growing slower than before the pandemic but faster than other parts of the world. The rebound in global trade and easing financial conditions will help offset weaker growth. The report also points out that leading firms in the region are not playing their expected role. Key risks include higher interest rates and trade-distorting measures imposed by major economies. China's growth is expected to slow to 4.5% as it transitions to a more balanced growth path. The report emphasizes the need for efficient policies, stronger social welfare, and increased investment in education. The report also highlights lagging improvements in productivity and the need for more competition and investment in education. Vietnam, despite being a favored destination for foreign investment, is growing at a rate below its potential. The report concludes that the region could achieve better results with improved productivity and greater efficiency.

#AsianEconomies #WorldBank #Debt #TradeBarriers #Uncertainty #GrowthForecast

https://abcnews.go.com/Business/wireStory/debt-trade-barriers-uncertainty-drag-asian-economies-2024-108703296