Economic Buzz: World Bank Downgrades Chinas Growth Forecasts To 2.8%

27 Sep 2022 , 12:45 PM

For 2022, the World Bank downgraded Chinas growth forecasts sharply from 5.0% (Aprils) to just 2.8%. On the other hand, ASEAN-5 growth forecasts was upgraded from 4.9% to 5.4%. East Asia & Pacific (excluding China) growth was upgraded from 4.8% to 5.3%. However, East Asia & Pacific as a whole was down graded from 5.0% to 3.2%. Growth in much of East Asia and the Pacific has been driven by recovery in domestic demand, enabled by a relaxation of COVID-related restrictions, and growth in exports. China, which constitutes around 86% of the regions output, uses targeted public health measures to contain outbreaks of the virus, inhibiting economic activity. Powered by Commodity Insights