World Bank cuts 2022 East Asia growth outlook

World Bank cuts 2022 East Asia growth outlook : The World Bank has reduced the expected growth in the East Asia and Pacific region for 2022 to 3.2% from 5.0% (earlier forecast). The previous year growth of East Asia and Pacific region was 7.2%.

September 2022 Current Affairs Quiz

Reasons:

Due to sharp slowdown in China that caused by its strict zero-COVID rules. China strict rules have disrupted industrial production, domestic sales and exports. Interest rate hikes that central banks across the world are undertaking to combat soaring inflation.