World Bank sees slowing growth
Print Edition
THE World Bank Group yesterday projected that China’s economic growth to ease to around 7 percent this year and the next after expanding 7.4 percent in 2014.
The slowdown in China’s economy comes as policy-makers try to address vulnerabilities in the financial system and ensure that growth is more sustainable, said the bank’s East Asia Pacific Economic Update.
“China has been shifting to a consumption-led, rather than an investment-led, growth model,” the report said. “The main challenge is to implement reforms that will ensure sustainable growth in the long run ... Policies to spur growth should support restructuring efforts.”
In the economic update released last October, the bank predicted China’s economy to grow 7.2 percent this year.
The Asian Development Bank in March predicted China’s growth to cool to 7.2 percent this year and 7 percent in 2016 due to a slower rate and continued structural reforms.
China’s gross domestic product grew 7.4 percent from a year earlier in 2014, the slowest pace in 24 years with production growth slowing in all sectors except agriculture.
The slowing economy was led by corrections in the property market where investment fell 50 percent in 2014 from 2013.
The World Bank report predicted East Asia’s developing economies will grow by 6.7 percent in the next two years, down from 6.9 percent in 2014.
“Despite slower growth in East Asia, the region will still account for one third of global growth, twice the combined contribution of all other developing regions,” said Axel van Trotsenburg, vice president of the World Bank East Asia and Pacific Region.
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