The World Bank has raised its growth forecast for China's economy to 4.9% in 2024, attributing this increase to recent policy easing and stronger exports.
Mara Warwick emphasized that while short-term support is crucial, balancing it with long-term structural reforms is critical to achieving sustained economic recovery in China.
The multilateral bank reiterated its call for deeper reforms in the Chinese economy, insisting that traditional stimulus measures alone will not suffice to bolster growth.
The report foresees China's growth slowing to 4.5% in 2025 due to ongoing challenges, including low consumption, high debt among property developers, and an aging population.
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