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East Asia and the Pacific: Outperforming, Yet Underachieving
Economic growth in East Asia and Pacific (EAP) reached 5.1% in 2023, higher than other emerging markets and developing economies, despite high inflation, high interest rates, and growing trade tensions (figure 1). Growth remains below pre-pandemic levels, however. Stronger global trade and easing financial conditions are expected to support economies in the region, while increasing debt, protectionism, and policy uncertainty could dampen growth. The region is projected to sustain growth in the face of these global headwinds, but is expected to ease to 4.5% in 2024, according to Firm Foundations of Growth, the April ... (full story)