World Bank Lowers China's Economic Growth Forecasts for This Year and Next Year
"Impact of COVID-19 Lockdown Lift and Real Estate Market Downturn"
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[Asia Economy Reporter Yu Je-hoon] The World Bank (WB) has downgraded its economic growth forecasts for China this year and next, citing the easing of COVID-19 lockdown measures and the deterioration of the real estate market, major foreign media reported on the 20th (local time).
According to the report, the World Bank projected China's annual economic growth rate at 2.7% for this year and 4.3% for next year. This represents a decline of 0.1 percentage points and 0.2 percentage points, respectively, compared to the September forecast (2.8% this year, 4.5% next year).
This forecast by the World Bank is significantly lower than the Chinese authorities' economic growth target of 5.5% for this year.
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In the report, the World Bank noted, "China's growth outlook is exposed to considerable risks due to the uncertain trajectory of the COVID-19 pandemic," adding, "The continued pressure in the real estate sector could also trigger broader macroeconomic and financial spillover effects."
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