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World Bank Lowers Outlook for China’s Economy
The World Bank predicts the Chinese economy will expand 7.7% this year, down from its May forecast of 8.2% growth.
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The World Bank predicts the Chinese economy will expand 7.7% this year, down from its May forecast of 8.2% growth.
China's gross domestic product rose 9.3% last year and has averaged growth of nearly 10% annually since 1978.
The Washington, D.C.-based bank says the country's current domestic demand isn't rising fast enough to fully offset export declines caused by economic weakness abroad.
China's cooling economy is hurting automakers and other international companies that were counting on revenue growth there to compensate for poor results in Europe.
Beijing's investments restrictions last year to rein in soaring real estate prices are hampering broader investment growth in the country this year, according to the bank. But it predicts that national and local government economic stimulus measures this year could reverse that trend in coming months.
The World Bank predicts China's GDP will expand 8.1% in 2013.
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