World Bank lowers China’s economic growth forecast
Illustration – Photo: Xinhua.
The World Bank estimates that China’s economy will grow at 4.3% in 2022, down 0.8 percentage points from its previous forecast.
The reason is the blockade measures in many provinces and cities to prevent COVID-19 epidemic causing production and supply chain activities to continue to stagnate, dragging economic indicators to the lowest level in the past 2 years.
The World Bank’s director for China, Mongolia and Korea, Martin Raiser, said that in the short term, China will have to solve a “twin challenge” including COVID-19 disease prevention and control and promotion. promote economic growth.
WB forecasts activity China’s economy will gradually recover in the second half of 2022 thanks to the Government’s economic stimulus packages as well as more loosened epidemic prevention measures. Domestic demand will gradually recover, but only partially offset the damage during the previous epidemic.
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