- The economic headwinds that faced Asia and the Pacific last year have started to fade. Global financial conditions have eased, food and oil prices are down, and China’s economy is rebounding. These developments are helping improve prospects across the region, with growth set to accelerate to 4.7 percent this year from 3.8 percent in 2022.
Asia’s Easing Economic Headwinds Make Way for Stronger Recovery
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Jan 25, 2023 · World Economic Situation and Prospects 2023. A series of severe and mutually reinforcing shocks — the COVID-19 pandemic, the war in Ukraine and resulting food and energy crises, surging inflation, debt tightening, as well as the climate emergency — battered the world economy in 2022.
Feb 1, 2023 · In South Asia, the economic outlook has significantly deteriorated due to high food and energy prices, monetary tightening, and fiscal vulnerabilities. Average GDP growth is projected to...
Growth in Europe and Central Asia is estimated to have sharply decelerated in 2022, to 0.2 percent, and is projected to remain essentially unchanged at 0.1 percent in 2023. This weakness largely reflects contraction in the Russian Federation in both years and a deep recession in Ukraine in 2022.
economic growth is forecast to accelerate to 4.8 per cent in 2023. But the reopening of the economy is expected to be bumpy. Growth will likely remain well below the pre‑pandemic rate of 6 to 6.5 per cent. Economic recovery in East Asia remains fragile, although average growth is stronger than in other regions. In 2023, GDP growth in East Asia
What are near-term prospects for the global economy? 3 What are the policy priorities for EMDEs? * EMDEs = Emerging Market and Developing Economies 2 What are the main features of commodity price cycles? Global Growth Slowdown in 2022-23 Broad-Based and Exceptionally Steep 4 Source: World Bank.