The Strategist

World Bank forecasts China's GDP growth to slow to 4.5% in 2024

04/03/2024 - 06:29

The World Bank predicts that China's GDP growth will drop from 5.2% in the previous year to 4.5% in 2024.

Marco Verch
Marco Verch
According to the WB assessment, the economy is being strained by a large amount of debt, weakness in the real estate market, and tensions in international commerce.

East Asian and Pacific developing economies are expected to raise their GDP by 4.5% this year, down from 5.1% in 2023. It is anticipated that the rate of increase will quicken to 4.6% from 4.4% in the previous year, excluding China.

According to the report, developing countries in East Asia and the Pacific are expanding more slowly than the global average but more quickly than they were before the pandemic. Their economies will be supported by resurgence in international trade and loosening financial restrictions, but growth will be constrained by rising protectionism and unpredictability in politics.

Negative factors for the region's economies could include a more severe global economic downturn than anticipated, an extended period of consistently high interest rates in the world's largest economies, heightened geopolitical tensions, and increased global uncertainty about economic policy.