"World Bank Cuts Growth Forecast for Developing East Asia Due to China's Slowdown"

The World Bank has downgraded its growth forecast for developing East Asia and Pacific due to a slowing China and weak global demand. It now expects the region to grow by 5% in 2023, slightly lower than the previous forecast of 5.1%. The bank also lowered its growth estimate for China in 2024 to 4.4% from 4.8% due to elevated debt levels and weakness in the property sector. The World Bank highlighted the significant increase in government and corporate debt levels, which could limit investment and lead to higher interest rates. It also noted high levels of household debt in China, Malaysia, and Thailand, which could negatively impact consumption.