BEIJING: 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.
"Economic activity in China continues to track the ups and downs of the pandemic - outbreaks and growth slowdowns have been followed by uneven recoveries," the World Bank said. "Continued adaptation of China's COVID-19 policy will be crucial, both to mitigate public health risks and to minimise further economic disruption," Mara Warwick, World Bank Country Director for China, Mongolia and Korea, said.
But"very likely, we will be downgrading our growth projections for China, both for 2022 and for 2023", IMF chief Kristalina Georgieva told AFP.Getting young people ‘gainfully employed’ key to raising China’s domestic spending: AnalystExperts fear China is ill-equipped to manage the exit wave of infections as it presses ahead with reopening, with millions of vulnerable elderly people still not fully vaccinated.
Source: Financial Digest (financialdigest.net)
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