In its latest report published on Tuesday, the World Bank slashes its 2022 GDP growth forecasts for East Asia and the Pacific, discounting the economic impact of Russia's invasion of Ukraine.
Key takeaways
“East Asia and Pacific region forecast to grow 5.0% in 2022, lower than its 5.4% forecast in October.”
“China's economy projected to expand by 5.0% in 2022.”
“Ukraine war is "most serious risk" to the region.”
“Thailand's economy is expected to grow 2.9% this year, down from a prediction of 3.9% seen in December.”
Market reaction
With the Chinese markets closed, there is little to no reaction to the above report’s findings, as USD/CNY is trading flat at 6.3628, as of writing.
