World Bank raises China growth outlook to 8.5%

World Bank raises China growth outlook to 8.5%
# 29 June 2021 11:06 (UTC +04:00)

The World Bank raised its forecast of China’s economic growth this year to 8.5% from 8.1% and said Tuesday that a full recovery requires progress in vaccinations against the coronavirus, APA-Economics reports citing AP.

The report adds to positive signs for China, the first major economy to rebound from the pandemic. Factory and consumer activity are back above pre-outbreak levels, though authorities have re-imposed travel controls in some areas to counter outbreaks of new variants of the virus.

Chinese economic growth is likely to decline to 5.4% next year as the rebound from last year’s history-making global slump fades and activity returns to normal, the World Bank said.

Its forecast was an increase over a report in April that said China and Vietnam were the only East Asian economies to achieve a “v-shaped” recovery in 2020 with output back above pre-coronavirus levels.

China is on track to vaccinate 40% of its population by early summer, but “a full recovery will also require continued progress toward achieving wide-spread immunization,” the World Bank said.

#
#

THE OPERATION IS BEING PERFORMED