Debt, trade barriers and uncertainty will drag on Asian economies in 2024, World Bank report says

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — A World Bank report says Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5% this year from 5.1% in 2023. The report released Monday says debt, trade barriers and policy uncertainties are dulling the region’s economic dynamism and governments need to do more to address long-term problems such as weak social safety nets and underinvestment in education. Asia’s economies are growing faster than those in other parts of the world but not as quickly as before the pandemic. But the report says a rebound in global trade and easing financial conditions as central banks cut interest rates will help offset weaker growth in China.