World Bank Raises China's Growth Rate to 8.5% This Year
Previous Forecast 8.1%
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[Asia Economy Reporter Cho Hyun-ui] The World Bank has raised its growth forecast for China this year from 8.1% to 8.5%, citing increased production and consumption compared to the pre-pandemic period.
In a report released on the 29th, the World Bank stated, "China's factory and consumer activities have recovered to a level more active than before the outbreak of COVID-19."
It emphasized that to achieve a full recovery of the Chinese economy, vaccination rates must continue to rise. Currently, China's first-dose vaccination rate is 45%, and the full vaccination rate is 16%.
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However, it forecasted that China's economic growth rate will slow to 5.4% next year. The World Bank explained, "This reflects the fading rebound from the historic global recession experienced last year and the process of returning to normal."
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