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PRESS RELEASEApril 6, 2023

World Bank’s Spring 2023 Regional Economic Updates

Find below the latest regional economic updates including the latest growth forecasts for East Asia and the Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa, South Asia, and Sub-Saharan Africa. These reports are issued biannually ahead of the World Bank Group Spring and Annual Meetings. 

East Asia and the Pacific: Growth in developing East Asia and the Pacific is forecast to accelerate in 2023 as China’s economy reopens, while the pace of growth in most of the economies in the rest of the region is anticipated to ease after a strong rebound last year, a World Bank report said on Thursday. 

Europe and Central Asia: Economic activity in the Europe and Central Asia region is likely to remain subdued this year due to the ongoing fallout from Russia’s invasion of Ukraine, persistent high inflation and tighter financial conditions, says the World Bank’s Economic Update for the region, released today.

Latin America and the Caribbean: Latin America and the Caribbean economies have proven relatively resilient in the wake of increasing debt stress, inflation and rising global uncertainty. But new headwinds in the form of lower commodity prices, higher interest rates in developed countries and China’s unsteady recovery could potentially turn the region’s prospects bleak.

Middle East and North Africa: Economies in the Middle East and North Africa (MENA) are expected to grow at a slower pace in 2023, as double-digit food inflation adds pressure on poorer households and the impact of food insecurity can span generations, according to the World Bank’s latest economic update.

South Asia: South Asia’s growth prospects have weakened due to tightening financial conditions, with large downside risks in most countries given limited fiscal space and depleting reserves, says the World Bank in its twice-a-year regional update. The report stresses the need to roll back market distortions introduced during the pandemic and address debilitating socioeconomic divides that constrain South Asia’s potential.

Sub-Saharan Africa: Growth across Sub-Saharan Africa remains sluggish, dragged down by uncertainty in the global economy, the underperformance of the continent’s largest economies, high inflation, and a sharp deceleration of investment growth, a World Bank report said Wednesday. 


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