WB: China to expand 7.1% in 2015
Print Edition
THE World Bank yesterday projected China’s economy to grow 7.1 percent this year, below a previous forecast of 7.5 percent made in June.
“China is undergoing a carefully managed slowdown with growth slowing to a still-robust 7.1 percent this year from (an estimated) 7.4 percent in 2014,” the Washington-based bank said in its Global Economic Prospects report.
The bank forecasts China’s growth may ease to 7 percent in 2016 and 6.9 percent in 2017.
China’s growth will continue to moderate in the next three to five years due to economic rebalancing, the bank said.
“Structural reforms, a gradual withdrawal of fiscal stimulus, and continued prudential measures to slow non-bank credit expansion will result in slowing growth,” the report said.
China’s gross domestic product rose 7.4 percent from a year earlier in the first three quarters of last year, just under the 7.5 percent official target. China will release full-year data next week.
The global economy is projected to expand by 3 percent this year after growing 2.6 percent in 2014, driven by a 4.8 percent growth in developing countries as well as growing activity in the US, the report said. The US economy is set to expand 3.2 percent this year, up from the 1.8 percent growth in 2014.
The bank also said “developing countries should see an uptick in growth this year” due partly to soft oil prices, a stronger US economy, continued low global interest rates and improvement in major emerging markets.
“It is also critical for countries to remove any unnecessary roadblocks for private sector investment,” said World Bank President Jim Yong Kim.
The bank also cautioned that a prolonged period of stagnation or deflation in the euro area or in Japan may pose a threat to the global economy.
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