World Bank Downgrades East Asia's Growth Forecast Due To Slowdown In China: Report
NDTV
The World Bank cited tumbling retail sales tumbling, stagnant house prices and increased household debt for China's economic mess.
The World Bank has said that east Asia's developing economies are expected to expand at one of the lowest rates in five decades, blaming the gloomy outlook to slowdown in China. The Financial Times said in a report that the World Bank cut its forecast for China's growth next year to 4.4 per cent from the 4.8 per cent it expected in April. This is even less than the growth forecast of five per cent released by China's policy makers.
The World Bank cited a string of weak indicators for the dismal forecast for the world's second-biggest economy, said the Financial Times (FT) report.
The bank also downgraded its 2024 forecast for gross domestic product growth for developing economies in east Asia and the Pacific to 4.5 per cent from 4.8 per cent in the first quarter of the current financial year, the outlet further said.
