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Tuesday, March 5, 2024

World Bank raises growth forecast for China to 8.5 percent

The economic recovery in China this year could be even stronger than previously assumed.

The World Bank raised its growth target to 8.5 percent on Tuesday in a new analysis of the economic situation in the People’s Republic. That is 0.4 percentage points more than a previous analysis by the World Bank. For the coming year, the World Bank expects growth of 5.4 percent and thus a return to the long-term trend before the pandemic.

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Both the confidence of consumers and companies have recently improved further, which is why better labor market conditions and increasing domestic demand can be assumed. According to the forecast, China’s exports should also continue to develop well. However, the World Bank warned that a new coronavirus outbreak could disrupt economic activity.

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A rigorous lockdown and strict entry controls since the beginning of the pandemic have meant that – apart from minor outbreaks – there have been hardly any corona cases in China since March 2020. Since then, the economy has been on a recovery course.
The Chinese government is more cautious in its growth forecast and has set its official growth target for this year at “over 6 percent”.

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