World Bank Projects 5.1 Pct Growth For China In 2023
Date
10/3/2023 12:16:05 AM
(MENAFN- AzerNews) The World bank on Sunday projected a 5.1 percent growth for the
Chinese Economy in 2023, according to its newly released East Asia
and Pacific Economic Update, Azernews reports,
citing Kabar.
"China has remarkable strengths," Aaditya Mattoo, chief
economist for the World Bank's East Asia and Pacific, told a press
briefing in response to a question from Xinhua.
"It has shown its great depth in manufacturing, but not just in
basic manufacturing, (also) the kind of innovative manufacturing to
which China is breaking in, the kind of human capacity that's being
created in China," said the economist.
Mattoo noted that China plans to assure a better quality of
growth and does not just think of how growth can be accelerated in
the short term.
"How much China is going to grow is a less interesting question
than how China chooses to grow," he said.
According to the outlook, growth in the East Asia and Pacific
region this year is higher than the average projected for all other
emerging markets and developing economies.
It is expected to remain strong at 5 percent in 2023 but will
ease in the second half of 2023 and is forecast to be 4.5 percent
during 2024, the report showed, adding that China's economy is
projected to be 4.4 percent in 2024.
"The East Asia and Pacific region remains one of the fastest
growing and most dynamic regions in the world, even if growth is
moderating," said World Bank East Asia and Pacific Vice-President
Manuela V. Ferro.
"Over the medium term, sustaining high growth will require
reforms to maintain industrial competitiveness, diversify trading
partners, and unleash the productivity-enhancing and job-creating
potential of the services sector," Ferro said.
MENAFN03102023000195011045ID1107177312
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.