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According to the UN Economic and Social Commission for Asia and the Pacific (ESCAP), the Chinese economy is expected to improve in 2023, which is expected to boost East Asia’s economic growth.

The Bangkok-based ESCAP stated at an online press briefing that the UN’s World Economic Situation and Prospects (WESP) 2023 report predicts that East Asia’s economic growth will increase to 4.4 percent in 2023 from a projected 3.2 percent in 2022.

The government has recently improved its preventative measures and loosened monetary and fiscal policies, according to the survey, which also predicted that China’s GDP will expand by 4.8 percent in 2023 as opposed to 3.0 percent in 2022.

It did, however, underline how fragile the regional economic recovery is while being aided by the Chinese economy. Increasing living costs, declining pent-up demand, and waning demand for exports from the United States and Europe are all contributing to the slowing growth of many economies (other than China).

The paper observed that the near-term economic prospects for East and South Asia are hampered by a deteriorating global environment that has been obscured by severe inflation, food and energy crises, and debt deflation.

The region’s various countries are anticipated to continue to be affected by climate concerns, which would exacerbate food insecurity and put additional pressure on inflation, the report warned.

According to the report, an extended period of economic weakness would make it more difficult to eradicate poverty and would limit countries’ ability to invest in the SDGs more generally. It, therefore, called for coordinated measures to address these issues.

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Cebuano English Filipino