World Bank downgrades Chinese GDP growth forecast for 2022 to 2.8%

The World Bank lowered its forecast for the growth of the Chinese economy for 2022 and 2023 due to the crisis in the real estate market and the tough policy of the country’s authorities to curb the spread of COVID-19.

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According to the new WB forecast, China’s GDP will increase by 2.8% in 2022 and by 4.5% next year. In June, an increase of 4.3% and 5.2%, respectively, was expected.

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In 2021, Chinese GDP grew by 8.1%.

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“The success of the Chinese authorities in containing the spread of the coronavirus comes at the cost of serious economic consequences,” the World Bank said in a review.