top of page

China slowdown prompts World Bank to cut East Asia growth forecast

The World Bank has trimmed its economic growth forecast for East Asia and the Pacific to 3.2% from 5% in April due to China’s slowdown. The revised forecast was also down from the previous year’s growth of 7.2%. The weaker forecast was due mainly to a sharp slowdown in China, caused by its strict zero-Covid rules that have disrupted industrial production, domestic sales and exports, the World Bank said. China, which constitutes 86% of the 23-country region’s economic output, was projected to grow 2.8% this year, a significant deceleration from the bank’s April forecast of 5%. For next year, the world’s second-largest economy was seen growing at 4.5%.

Comments


bottom of page