Home Business China: World Bank cuts growth prospects to 3.2% from the previous 5%

China: World Bank cuts growth prospects to 3.2% from the previous 5%

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The World Bank has reduced its economic outlook for Asia-Pacific, pointing to China‘s ultra-strict “zero-COVID” policy as a drag on regional growth. The Washington-based financial institution said the region’s economies are expected to grow 3.2% in 2022, up from 5% expected in April, as China‘s closures continue to shut down factories and curb spending.

According to the bank, China, the world‘s second largest economy, is expected to grow 2.8% this year and 4.5% in 2023. Previously, the bank had predicted a 5% growth in 2022.

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