The Region Continue to Grow Faster
The World Bank projects #EastAsiaPacific to grow at 4.8% in 2024, outpacing the rest of the world but still slower than pre-pandemic levels.
Meanwhile, technologies like #AI and robotics are transforming the region’s #job landscape, creating opportunities for many but displacing others. To ensure everyone benefits from this technological shift, policies that strengthen skills and support worker mobility are key.
Recent Development: Developing East Asia and the Pacific is growing at 4.8% in 2024, faster than the rest of the world but slower than before the pandemic. Growth in China is dampened by property market weakness and low consumer and investor confidence. Growth in the rest of the region benefits from increasing domestic consumption, recovering goods exports, and a tourism rebound.
Four influences on regional growth: The Economic Update highlights four factors that are likely to affect regional growth: shifting trade and investment, slowing growth in China, increased public and private debt, and increasing global policy uncertainty.
Outlook: Regional growth is expected to slow to 4.4% in 2025. China is forecast to grow more slowly than the rest of the region, due to internal and external challenges. The likely recovery of global trade and the expected easing of global financial conditions are expected to support growth in the other countries of the region.
Jobs & Technology: East Asia and Pacific countries have successfully created stable employment for its people. But industrial robots, artificial intelligence (AI), and digital platforms are affecting labor markets in the region. On the one hand, the adoption of robots creates jobs for skilled formal workers. On the other hand, it displaces low-skilled formal workers. Policy must help equip people with the skills and mobility to take advantage of the new technologies.
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