THE World Bank has cut its China growth outlook for this year and next, citing the impact of the abrupt loosening of strict Covid containment measures and persistent property sector weakness, reports Reuters.
The Washington-based lender, in a report said it expected China's economy to grow 2.7 per cent in 2022, before recovering to 4.3 per cent in 2023 as it reopens following the worst of the pandemic.
The bank's expected expansion for 2022 would be well below the official target of around 5.5 per cent. In September, the World Bank forecast China's growth at 2.8 per cent this year and 4.5 per cent next year.
"China's growth outlook is subject to significant risks, stemming from the uncertain trajectory of the pandemic, of how policies evolve in response to the Covid situation, and the behavioral responses of households and businesses," the bank said in its report.