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World Bank expects China to grow slower in 2015
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THE World Bank Group today projected China's economic growth to land at 7.1 percent this year, lower than a previous estimate 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 forecast in its Global Economic Prospects report, which said China's growth may ease further to 7 percent in 2016 and 6.9 percent in 2017.
The bank said the country will see a continued growth moderation in the next three to five years due to economic rebalancing.
But it also said "developing countries should see an uptick in growth this year" thanks in part to soft oil prices, a stronger United States economy, continued low global interest rates and receding domestic headwinds in several large emerging markets.
The global economy is projected to expand by 3 percent this year after growing 2.6 percent in 2014. It will still be driven by a 4.8-percent growth in developing countries, and activity in the US and the United Kingdom is also gathering momentum as labor markets heal and monetary policy remains extremely accommodative.
"In this uncertain economic environment, developing countries need to deploy their resources to support social programs with a laser-like focus on the poor and undertake structural reforms that invest in people," said World Bank Group President Jim Yong Kim.
"It is also critical for countries to remove any unnecessary roadblocks for private sector investment," Kim said.
China's gross domestic product rose 7.4 percent from a year earlier in the first three quarters of last year. The full-year growth figure will be released next week.
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