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“Core inflation in the US and EU remains elevated and labor markets remain tight, suggesting interest rates will remain higher than pre-pandemic levels in the in the foreseeable future,” the World Bank said. The World Bank also aired a warning about the sharp increase in debt in the region, which keeps borrowing costs high and squeezes both consumption and investment. Corporate debt in China and Vietnam has risen by more than 40 percentage points of GDP since 2010 and exceeded the level in advanced economies, it said. Household debt in China, Malaysia and Thailand is also higher than those in other emerging markets. On the external front, increased trade protectionism — mostly wielded by advanced economies — could hurt growth for developing East Asia and the Pacific as it limits access to key markets like the US, South Korea and Japan. Firms receiving subsidies are potential competitors of the region’s firms. Almost 3,000 new trade-distorting measures were imposed in 2023, three times as large as those in 2019, it added. #economygrowth #interestrate #marketdevelopment #businessstrategy #supplychainstrategy