World Bank Warns: Asia Faces One of Worst Economic Outlooks in Half a Century

The World Bank has significantly reduced its growth forecast for China in 2024, predicting a mere 4.4% increase, down from an earlier 4.8% estimate. East Asia’s economies are bracing for their most sluggish growth in decades, primarily due to US protectionism and escalating regional debt. Recent US policies aimed at reducing dependency on China are harming not just Beijing but the entire East Asian region. Southeast Asian nations, once beneficiaries of US-China trade rifts, are now experiencing declines in exports to the US. This bleak economic outlook is raising concerns about the long-term repercussions for the global economy.