Developing East Asia and the Pacific is growing faster than the rest of the world but slower than before the pandemic, according to the World Bank’s latest report.

The region covers countries in East Asia like Vietnam and China as well as the Pacific Island countries, with a total population reportedly of more than 2.1 billion.

Growth in the region, excluding China, is projected to tick up to 4.6% from 4.4% in 2023, but down from 4.9% on average in 2015-19, the World Bank said in its new report, Firm Foundations of Growth.

Growth in China is projected to moderate to 4.5% this year from 5.2% in 2023 because of near-term problems, among them high debt and a weak real estate sector, as well as long-term challenges such as the country's aging demographics and geopolitical trade frictions, the World Bank said.

The report said that many countries 🍰in the region depend on external demand to grow exports—♕especially to China.

“China’s importance as the ultimate destinat𓄧ion for domestic value-added in the region has significantly 𒅌increased since the early 2000s,” the report said.

After falling by mo൲re than 20% from their peak in the second quarter of 2022 in Indonesia and Malaysia, and by more than 10% in China and Vietnam, goods exports across East Asia and the Pacific began to recover in the second half of last year, the World Bank said.

In February, the 澳洲幸运5官方开奖结果ꦏ体彩网:International Monetary Fund (IMF) predicted that Chin𝓀a's GDP growth could fall to about 3.5% in 2028.