World Bank raises China’s growth projections for 2024 and 2025

Update in forecasts is attributed to the positive performance of exports and several economic stimulus initiatives implemented by the Chinese government

Xie Huanch/Xinhua/EFE/EPAIn the first three quarters of 2024, the Chinese economy recorded growth of 4.8%

THE World Bank revised its GDP growth estimates for the Chinaprojecting an increase of 4.9% for 2024 and 4.5% for 2025. This update in forecasts is attributed to the positive performance of exports and several economic stimulus initiatives implemented by the Chinese government. In the first three quarters of 2024, the Chinese economy recorded growth of 4.8%. However, the country still faces a series of challenges that could impact its future development. Among these obstacles are subdued domestic demand, low consumer confidence and a prolonged crisis in the real estate sector.

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The recovery of the housing market is a significant concern as the current situation is expected to take time to stabilize. Despite the difficulties, the Beijing government set a growth target of around 5% for this year, reflecting the ambition to keep the economy expanding.

*Report produced with the help of AI
Published by Fernando Dias

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