World Bank Cuts 2022 East Asia Growth Outlook, Cites China Slowdown
MANILA—Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China’s slowdown, but the pace of expansion will pick up next year, the World Bank said on Tuesday.
The Washington-based lender said in a report it expected 2022 growth in the East Asia and Pacific region, which includes China, to slow to 3.2 percent, down from its 5.0 percent forecast in April, and the previous year’s growth of 7.2 percent.
The weaker forecast was due mainly to a sharp slowdown in China, caused by its strict zero-COVID-19 rules that have disrupted industrial production, domestic sales, and exports, the World Bank said….