2023-06-06 16:16:00
▲ Shanghai, the economic center of China
The World Bank has raised its forecast for China’s economic growth this year to 5.6%.
According to Archyde.com and others, WB announced in its World Economic Outlook report released on the same day that China’s growth rate for this year was 5.6%, up 1.3 percentage points from the forecast (4.3%) announced in January.
The World Bank predicted this in a report, saying, “The normal resumption of economic activity (following the scrapping of the zero corona policy) will drive consumer spending, especially in the domestic service sector.”
However, the World Bank announced that China’s growth rate forecast for next year would be 4.6%, down 0.4 percentage point from 5.0% in January.
The World Bank said downside risks to China’s economy include continued pressure on the real estate sector, a more-than-expected slowdown in global economic growth and trade, and the potential for significant spread of the lingering COVID-19.
(Photo = Yonhap News)
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