World Bank Tokyo Online Morning Seminar #197 “East Asia and Pacific Economic Update, October 2024 Edition

Developing East Asia and Pacific (EAP) is continuing to grow faster than the rest of the world in 2024, but slower than before the pandemic, the World Bank said in its semi-annual economic outlook for the region – the East Asia and Pacific Economic Update.

The World Bank projects growth in East Asia and the Pacific at 4.8% in 2024, slowing to 4.4% in 2025. Growth in China, the region’s largest economy, is projected to decline from 4.8% this year to 4.3% in 2025, in the face of persistent property market weakness, low consumer and investor confidence, as well as structural challenges like aging and global tensions.

Growth in the rest of the region is forecast to increase from 4.7% in 2024 to 4.9% in 2025, benefiting from increasing domestic consumption, recovering goods exports, and a tourism rebound. Among the larger countries, only Indonesia is expected to grow in 2024 and 2025 at or above pre-pandemic levels, while growth in Malaysia, the Philippines, Thailand and Vietnam is expected to be below those levels. The Pacific Island countries are forecast to grow by 3.5% in 2024 and 3.4% in 2025, as tourism recovers. Investment growth remains feeble across much of the region.

At this online seminar, Ergys Islamaj, Senior Economist, Office of the Chief Economist for East Asia and Pacific Region, will explain the main points of the report. This online seminar will be held in English, without interpretation into Japanese.