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WB puts China's 2011 GDP rate at 9.3%
By Wang Yanlin |
June 8, 2011, Wednesday
|
Online Edition
Online Edition
DEVELOPING countries need to shift from crisis-fighting to policies that can sustain growth, while developed countries should continue to focus on the crisis, the World Bank said in a report today.
It predicted that China's economic growth will slow to 9.3 percent this year from 10.3 percent last year as the country's stimulus package comes to an end while credit tightening has led to a slowdown in property development.
"As they put the financial crisis behind them, developing countries need to focus on tackling country-specific challenges such as achieving balanced growth through structural reforms, coping with inflationary pressures, and dealing with high commodity prices," the Washington-based bank said in its June 2011 edition of Global Economic Prospects.
"In contrast, prospects for high-income countries and many in Europe remain clouded by crisis-related problems such as high unemployment, household and banking-sector budget consolidation, and concerns over fiscal sustainability among other factors," it said.
The bank estimated the economic growth of developing countries will slow from 7.3 percent in 2010 to around 6.3 percent each year from 2011 to 2013 while high-income countries will see their rates weaken from 2.7 percent last year to 2.2 percent in 2011 before picking up moderately again.
It predicted that China's economic growth will slow to 9.3 percent this year from 10.3 percent last year as the country's stimulus package comes to an end while credit tightening has led to a slowdown in property development.
"As they put the financial crisis behind them, developing countries need to focus on tackling country-specific challenges such as achieving balanced growth through structural reforms, coping with inflationary pressures, and dealing with high commodity prices," the Washington-based bank said in its June 2011 edition of Global Economic Prospects.
"In contrast, prospects for high-income countries and many in Europe remain clouded by crisis-related problems such as high unemployment, household and banking-sector budget consolidation, and concerns over fiscal sustainability among other factors," it said.
The bank estimated the economic growth of developing countries will slow from 7.3 percent in 2010 to around 6.3 percent each year from 2011 to 2013 while high-income countries will see their rates weaken from 2.7 percent last year to 2.2 percent in 2011 before picking up moderately again.
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