Regional Outlooks

Abstract

No AccessFeb 2023Regional OutlooksAuthors/Editors: World BankWorld BankSearch for more papers by this authorhttps://doi.org/10.1596/978-1-4648-1906-3_ch2AboutView ChaptersFull TextPDF (55.5 MB) ToolsAdd to favoritesDownload CitationsTrack Citations ShareFacebookTwitterLinked In Abstract: Predicts that Growth in East Asia and Pacific (EAP) should reach 4.3 percent in 2023—up from last year’s estimated 3.5 percent pace, and almost entirely on account of a projected rebound in China from 3.1 percent in 2022 to 4.3 percent this year. Growth in Europe and Central Asia (ECA) should have sharply decelerated in 2022, to 0.2 percent, and should remain unchanged at 0.1 percent in 2023, largely reflecting contraction in the Russian Federation and a deep recession in Ukraine. Growth in Latin America and the Caribbean should slow to 1.3 percent in 2023 before recovering somewhat to 2.4 percent in 2024. Growth in the Middle East and North Africa should slow to 3.5 percent in 2023. Prospects vary substantially across the region. South Asia remains adversely affected by spillovers from the invasion of Ukraine, rising global interest rates, and weakening growth in key trading partners, slowing regional growth 6.1 percent in 2022 and further to 5.5 percent in 2023 before rising to 5.8 percent in 2024. Growth in Sub-Saharan Africa (SSA) slowed to an estimated 3.4 percent in 2022. Soaring food and energy prices, stemming partly from the war in Ukraine, triggered sharp cost-of-living increases, leading millions more into food insecurity and poverty. ReferencesAri, A, N Arregui, S Black, O Celasun, D Iakova, A Mineshima, and V Mylonas, et al. 2022. “Surging Energy Prices in Europe in the Aftermath of the War: How to Support the Vulnerable and Speed up the Transition Away from Fossil Fuels.” IMF Working Paper 22/152, International Monetary Fund, Washington, DC. Google ScholarArroyo Marioli, F and C A Vegh. 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Google Scholar Previous chapterNext chapter FiguresreferencesRecommendeddetails View Published: January 2023ISBN: 978-1-4648-1906-3e-ISBN: 978-1-4648-1950-6 Copyright & Permissions Related RegionsAfricaEast Asia & PacificEurope and Central AsiaLatin America & CaribbeanMiddle East and North AfricaSouth AsiaRelated CountriesChinaRussian FederationUkraineRelated TopicsConflict and DevelopmentInternational Economics & TradeMacroeconomics and Economic Growth KeywordsSPILLOVER EFFECTSGLOBAL ECONOMYECONOMIC DIVERSIFICATIONRECESSIONEXTERNAL SHOCKSMACROECONOMIC SHOCKSEMERGING MARKETS AND DEVELOPING ECONOMIESEMDESFINANCIAL STABILITYFISCAL SUSTAINABILITYINFLATIONDEBT MANAGEMENTDEBT RESTRUCTURINGFOOD SECURITYCOST OF LIVINGFUEL PRICES PDF DownloadLoading ...