China's economy will rebound to 5.6% this year before slowing to 4.6% in 2024, the World Bank said on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 06th June, 2023) China's economy will rebound to 5.6% this year before slowing to 4.6% in 2024, the World Bank said on Tuesday.
"Growth is projected to rebound to 5.6 percent in 2023, as the economic reopening drives consumer spending, particularly on domestic services," the World Bank said in its Global Economic Prospects report.
In 2024, the country's economic growth will slow to 4.6%.
"Key downside risks include continuing stress in the real estate sector, a sharper-than-anticipated slowdown in global growth and trade, and the lingering possibility of disruptive COVID-19 waves," the report added.
