The World Bank downgraded its growth projections for the East Asia and the Pacific region as the zero-COVID approach dampened China's economic growth, while most of the other countries of the region rebounded in the first half of 2022.
The Washington-based lender forecast East Asia and Pacific to expand 3.2 percent this year instead of 5.0 percent projected in April. The growth rate is expected to improve to 4.6 percent in 2023.
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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.