The World Bank has said economies in Asia will slow down in the coming months. In a report released yesterday, the World Bank said the slow down is due to disruptions to supplies of commodities, financial strains and higher prices.
Forecasting slower growth and rising poverty in the Asia-Pacific region this year, World Bank has said growth for the region is estimated at 5 percent, down from the original forecast of 5.4 percent.
The World Bank anticipates that China, the region’s largest economy, will expand at a 5 percent annual pace, much slower than the 8.1 percent growth of 2021.
The report also pointed to three main potential shocks for the region- the Russia-Ukraine conflict, changing monetary policy in the U.S. and some other countries and a slowdown in China