World Bank Slashes China Growth Forecasts On Covid Woes, Property Crisis
World Bank slashes China growth forecasts on Covid woes, property crisis
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World Bank slashes China growth forecasts on Covid woes, property crisis
US-based institution sees China’s economy growing 4.3 percent next year, down from 8.1 percent.
In a statement, the World Bank slashed its forecast to 2.7 percent from 4.3 percent predicted in June.
The World Bank on Tuesday slashed its China growth forecast for the year as the pandemic and weaknesses in the property sector hit the world’s second largest economy.
The World Bank slashed its economic growth outlook for the world’s second-largest economy, China, by almost a point and a half in its latest forecast published on Tuesday. This comes after the country's nearly three years of stringent ‘zero-Covid’ restrictions and its abrupt ease, earlier this month, following countrywide protests.