World Bank says recoveries in Asian economies losing steam

The World Bank says developing economies in Asia have mostly regained ground lost during the pandemic but are seeing their recoveries stall as productivity lags. A report released Friday forecasts that growth in emerging economies including China will pick up pace this year after the country relaxed pandemic restrictions on travel and other activities. But it says growth elsewhere in the region will moderate as pressures of inflation and growing household debt slow consumer spending. The report said countries need to address longstanding needs for reform such as investing more in education and public health to improve productivity and spur sustainable growth.