The World Bank has cut its forecast for China’s growth next year and warned that east Asia’s developing economies are set to expand at one of the lowest rates in five decades, as US protectionism and rising levels of debt pose an economic drag.
The gloomier 2024 forecasts from the bank underline the mounting concern over China’s slowdown and how it will spill into Asia. China’s policymakers have already set one of the lowest growth targets in decades for 2023, of about 5 per cent.
Citing a string of weak indicators for the world’s second-biggest economy, the World Bank said it now expected China’s economic output would grow 4.4 per cent in 2024, down from the 4.8 per cent it expected in April.
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