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China GDP: World Bank cuts 2022 forecast, Ukraine war ‘most serious risk’ to East Asia and Pacific growth
- China’s economy is expected to grow by 5 per cent this year, down from a previous estimate of 5.4 per cent, according to the World Bank
- The Washington-based lender expects 2022 growth in the developing East Asia and Pacific region, which includes China, to expand by 5 per cent
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The World Bank cut its growth forecast for East Asia and the Pacific for 2022 to reflect the economic impact of Russia’s invasion of Ukraine, warning the region could lose further momentum if conditions worsen.
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The Washington-based lender said in a report on Tuesday it expected 2022 growth in the developing East Asia and Pacific region, which includes China, to expand by 5 per cent, lower than its 5.4 per cent forecast in October.
But growth could slow to 4 per cent if conditions worsened and government policy responses were weaker, World Bank said.
China’s economy is expected to grow by 5 per cent this year, down from a previous estimate of 5.4 per cent, it said, noting its government’s capacity to provide stimulus to offset adverse shocks.
“The region confronts a triad of shocks which threaten to undermine its growth momentum,” said World Bank East Asia and Pacific chief economist Aaditya Mattoo.
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