BEIJING, Oct 2 — The World Bank has maintained its forecast for China’s 2023 economic growth at 5.1 per cent, in line with its previous estimate in April, but trimmed its...
Singapore: Migrant workers at Tanah Merah dorm have to wait hours for shuttle bus; operator says it's only a peak-period problemThe World Bank has maintained its forecast for China’s 2023 economic growth at 5.1 per cent, in line with its previous estimate in April, but trimmed its prediction for 2024 to 4.4 per cent from 4.8 per cent, citing the persistent weakness of its property sector.
For 2024, the bank lowered its regional outlook to 4.5 per cent growth from 4.8 per cent, dragged down by external factors including a sluggish global economy, high interest rates and trade protectionism. For China, the bounce back from the reopening of the economy following three years of ultra-stringent zero-Covid policies has faded, and elevated debt and weakness in its property sector are weighing on growth, the World Bank said in the report.
China’s factory activity expanded for the first time in six months in September, an official survey showed on Saturday.