World Bank projects China’s economy to grow by 7.9% in 2021

The Chinese economy is on track to tick up by 7.9 percent in 2021, following a two-percent growth in 2020, the World Bank Group said in its latest forecast.

In its 2021 Global Economic Prospects, the global lender said, “Growth in China is projected to accelerate to 7.9 percent this year, one percentage point above the June forecast, reflecting the release of pent-up demand and a quicker-than-expected resumption of production and exports.”

The World Bank stated that China’s performance is “an exception” and most other emerging markets and developing countries reeling from the contagion are clobbered harder than previously envisioned, feeding through into deeper recession and more lackluster recovery.

The report spelled out that the shallower economic contraction in advanced economies, coupled with China’s stronger recovery, has caused the global economic downturn to be slightly lower than previously expected.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.