The World Bank has reduced its growth forecast for developing East Asia and Pacific countries 

The primary reasons for this adjustment are a slowing Chinese economy and reduced global demand 

The revised projection for East Asia and the Pacific in 2023 is 5%, slightly lower than the previous estimate of 5.1% 

Growth expectations for 2024 have also been lowered from 4.8% to 4.5% for the region 

China's growth forecast for 2023 remains at 5.1%, but it's lowered to 4.4% for 2024 due to various factors 

The World Bank attributes China's downgrade to "longer-term structural factors" and concerns over high debt levels 

While China's growth is influenced by domestic factors, external factors will impact the rest of the region more significantly 

Despite recovering from shocks, the pace of economic growth in East Asian economies is expected to slow down 

The World Bank highlights the rise in government and corporate debt, particularly in China, Thailand, and Vietnam 

High debt levels could limit both public and private investment and have adverse effects on consumption in the region