World Bank Downgrades Growth Forecasts for China, East Asia, and Philippines

The World Bank has lowered its economic growth forecast for China in 2024 due to ongoing challenges in the domestic market, including the property crisis and a fading rebound from the reopening. Slower growth in China could impact commodity demand and prices, as the country is the world's largest consumer of commodities and the biggest importer of crude oil. The World Bank maintained its estimate for Chinese growth in 2023 at 5.1% but reduced the GDP growth projection for 2024 to 4.4%. Meanwhile, growth in the East Asia and Pacific region excluding China is expected to increase to 4.7% in 2024.