World Bank: Asia's Economies to Slow Down in 2024

The World Bank reported in a statement issued today, Monday, that Asian economies are not performing as well as they could, and growth in the region is expected to slow to 4.5 percent this year, down from 5.1 percent in 2023. The report indicates that debts, trade barriers, and uncertainties regarding policies are weakening the economic dynamics in the region. Governments must exert more effort to address long-term issues such as weak social safety nets and a lack of investment in education. Aditya Mattoo, the World Bank's Chief Economist for the East Asia and Pacific region, stated in an online press conference, "This report shows that the region is outperforming much of the rest of the world, but it is not realizing its own potential." He added, "Leading companies in the region are not playing the role they should."