World Bank raised forecast of China’s 2023 growth to 5.6%, cut 2024 forecast to 4.6%
MACRO VIEWS & ANALYSIS
World Bank raised forecast of China’s 2023 growth to 5.6%, cut 2024 forecast to 4.6%
MACRO VIEWS & ANALYSIS

World Bank raised forecast of China’s 2023 growth to 5.6%, cut 2024 forecast to 4.6%

 

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The World Bank on Tuesday raised its forecast of China’s economic growth in 2023 to 5.6%, compared to a 4.3% forecast in January after COVID-reduced growth of 3% in 2022.

Real global GDP is set to climb 2.1% this year, up from a 1.7% forecast issued in January but well below the 2022 growth rate of 3.1%, the bank said in its Global Economic Prospects report. US growth for 2023 is now forecast at 1.1%, more than double the 0.5% forecast in January, 

The lender cut its 2024 global growth forecast to 2.4% from 2.7% in January, citing the lagged effects of central bank monetary tightening and more restrictive credit conditions that were reducing business and residential investment.

The bank halved its previous 2024 US growth forecast to 0.8%, and cut China’s forecast by 0.4 percentage point to 4.6%.