Lockdowns, property crisis to slow China 2022 GDP growth to 2.8% – World Bank

Lockdowns, property crisis to slow China 2022 GDP growth to 2.8% – World Bank
# 04 October 2022 13:34 (UTC +04:00)

China, the world’s second-biggest economy, is projected to grow at a much slower pace of 2.8% this year compared with an earlier forecast of 5.0%, according to the World Bank, amid the country’s zero-COVID policy and ongoing property crisis, APA-Economics reports.

- Heavy economic toll from COVID-19 lockdowns

- Real estate market in a severe downturn

- Chinese yuan hit the lowest since 2008

It represents a sharp slowdown from the 2021 growth rate of 8.1% – the fastest recorded in a decade.

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