It also cut its 2022 forecast from 5.4% to 5.1%, which would mark the second slowest pace of growth for China since 1990 — when the country's economy increased 3.9% following international sanctions related to the 1989 Tiananmen Square massacre. China's economy grew 2.2% in 2020. "Downside risks to China's economic outlook have increased," the World Bank said Wednesday in its latest report on China's economy. Renewed domestic Covid outbreaks, including of the Omicron variant, could lead to more "broad-based and longer-lasting" restrictions and cause further disruptions to economic activity, it said.
torsdag 23. desember 2021
China's economic growth will slow sharply in 2022, World Bank says
The World Bank has cut its forecasts for China's economic growth this year and next, as the world's second largest economy faces mounting headwinds from the new Omicron variant to a severe property sector downturn. The bank now expects China's GDP to expand 8% in 2021 compared with a year ago — that's lower than its previous forecasts. (In October, the World Bank expected China to grow 8.1% this year. In June, it projected a growth of 8.5%.)
It also cut its 2022 forecast from 5.4% to 5.1%, which would mark the second slowest pace of growth for China since 1990 — when the country's economy increased 3.9% following international sanctions related to the 1989 Tiananmen Square massacre. China's economy grew 2.2% in 2020. "Downside risks to China's economic outlook have increased," the World Bank said Wednesday in its latest report on China's economy. Renewed domestic Covid outbreaks, including of the Omicron variant, could lead to more "broad-based and longer-lasting" restrictions and cause further disruptions to economic activity, it said.
It also cut its 2022 forecast from 5.4% to 5.1%, which would mark the second slowest pace of growth for China since 1990 — when the country's economy increased 3.9% following international sanctions related to the 1989 Tiananmen Square massacre. China's economy grew 2.2% in 2020. "Downside risks to China's economic outlook have increased," the World Bank said Wednesday in its latest report on China's economy. Renewed domestic Covid outbreaks, including of the Omicron variant, could lead to more "broad-based and longer-lasting" restrictions and cause further disruptions to economic activity, it said.
