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World Bank lowers China’s projected economic growth to 7.7% for 2014

By Wang Yanlin | January 15, 2014, Wednesday | Online Edition

THE World Bank lowered its expectation for China's 2014 economic growth to 7.7 percent from the previous 8 percent, but said such a rate is still strong enough to support a firming world economy, according to its Global Economic Prospects report released today.

"The world economy is projected to strengthen this year, with growth picking up in developing countries and high-income economies appearing to be finally turning the corner five years after the global financial crisis," the World Bank said in the report.

"The firming of growth in developing countries is being bolstered by an acceleration in high-income countries and continued strong growth in China," it said.

The bank estimated the full-year growth for China will be at around 7.7 percent in 2014, and said the quarterly pace should slow somewhat toward the second half of the year, with growth projected to stabilize at around 7.5 percent for 2015 and 2016.

China's gross domestic product expanded 7.7 percent from a year earlier in the first nine months of 2013, with the third-quarter rate accelerating to 7.8 percent from 7.5 percent in the second quarter.

Some analysts expected the full-year growth for 2013 would be around 7.6 percent, with the economy showing signs of weakening performance in the past three months.

The World Bank said the global GDP is expected to firm from 2.4 percent in 2013 to 3.2 percent this year, stabilizing at 3.4 percent and 3.5 percent in 2015 and 2016, respectively, with much of the initial acceleration reflecting stronger growth in high-income economies.

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