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Chinese economy predicted to decline in economic growth – 2024-04-04 08:42:11

2024-04-04 08:42:11

China’s GDP growth rate will slow to 4.5% in 2024, down from 5.2% last year.

As Day.Az reports with reference to Interfax, the World Bank made this forecast.

The economy is under pressure from a high debt burden, weakness in the real estate sector and trade tensions in the world, the WB report notes.

GDP growth in developing countries in East Asia and the Pacific is forecast at 4.5% this year, up from 5.1% in 2023. Excluding China, the rate of increase is expected to accelerate to 4.6%, up from 4.4% last year.

Developing countries in East Asia and the Pacific are growing faster than the rest of the world, but slower than before the pandemic, the survey said. While a rebound in global trade and easing financial conditions will support these economies, rising protectionism and policy uncertainty will hold back growth.

“East Asia and the Pacific is a strong contributor to global economic growth, even as it faces a more complex and uncertain global environment, an aging population and the impacts of climate change,” said Manuela Ferro, World Bank vice president for the region.

Negative factors for the region’s economy could include a larger-than-expected downturn in the global economy, a longer period of high interest rates in the world’s major economies, increased uncertainty around economic policy around the world and increased geopolitical tensions, the bank’s report said.

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