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    World Bank East Asia and Pacific Economic Update, October 2023: Services For Growth
    World Bank East Asia and Pacific Economic Update, October 2023: Services For Growth
    World Bank East Asia and Pacific Economic Update, October 2023: Services For Growth
    Ebook126 pages3 hours

    World Bank East Asia and Pacific Economic Update, October 2023: Services For Growth

    By World Bank

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    About this ebook

    Economic activity in much of developing East Asia and Pacific (EAP), other than several Pacific Island Countries, has recovered from the succession of shocks since 2020 but is now slowing down. Private consumption and the recovery of tourism had sustained growth in the region but is running out of steam. Slowing global growth is leading to a contraction in exports. Public investment and private investment also remain low in much of the region. Most governments in the region are projected to consolidate fiscally in 2023.

    The revival of growth in the region will depend crucially on the state of the services sectors. Even though manufacturing has powered EAP development, services already account for more than half of value added and employment. A digital revolution is leading to structural change within all services sectors, with the combination of new domestic platform-based services and more internationally tradable services boosting productivity. Harnessing the digital revolution for inclusive economic growth requires deeper services reforms.
    LanguageEnglish
    PublisherWorld Bank Publications
    Release dateOct 1, 2023
    ISBN9781464820281
    World Bank East Asia and Pacific Economic Update, October 2023: Services For Growth

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