Saturday, June 25, 2022
Google search engine
HomeEconomyWorld Bank slashes China growth forecast over COVID damage

World Bank slashes China growth forecast over COVID damage

BEIJING

The World Bank has sharply slashed its annual growth forecast for China, warning in a report that COVID disruptions could further slow recovery in the world’s second-largest economy.    

class=”cf”>

China is the last major economy wedded to a zero-COVID policy, using rapid lockdowns, mass testing and strict movement restrictions to eliminate outbreaks – but it has tangled supply chains and dragged economic indicators to their lowest levels in around two years.    

Growth in China is projected to slow to 4.3 percent in 2022, the World Bank said in a report yesterday, marking a steep 0.8 percentage-point drop from the December forecast.    

This “largely reflects the economic damage caused by Omicron outbreaks and the prolonged lockdowns in parts of China from March to May,” the report said.    

In those months, restrictions on dozens of cities including the manufacturing hubs of Shenzhen and…

Read more…

RELATED ARTICLES
- Advertisment -
Google search engine

Latest Posts