The drag is partly due to the expected deceleration in China's economy, whose expansion is forecast to slow to 4.5 per cent this year.- Developing economies of East Asia and the Pacific are set to see slowing growth, with higher-for-longer interest rates and worsening geopolitical tensions clouding the outlook for the region, the World Bank said on April 1.
China needs more than just “conventional fiscal stimulus,” the development lender said, adding that stronger social protection, progressive taxation and reallocation of public spending from infrastructure to human capital will help spur consumption. “Core inflation in the US and EU remains elevated and labor markets remain tight, suggesting interest rates will remain higher than pre-pandemic levels in the in the foreseeable future,” the World Bank said of downside risks. “Political developments within countries as well as rising geopolitical tensions are fueling uncertainty.”
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