BANGKOK -- China will be the only bright spot in the Asia-Pacific region this year, with the World Bank lowering its growth forecast for ASEAN economies due to slowing domestic and export demand as well as slumping productivity.
The bank's latest economic outlook published on Friday warned of a productivity decline, particularly in Southeast Asian countries vying to be the region's manufacturing hubs, as the U.S.-China decoupling forces a rearrangement of global supply chains.
