World Bank upgrades China's growth forecast in 2021

Added On June 9, 2021

The World Bank Group released its latest Global Economic Prospects on Tuesday. The forecast raised China's economy growth in 2021 to 8.5 percent, up 0.6 percentage point from a previous projection. According to World Bank Prospects Group Director Ayhan Kose, China's ability to contain the pandemic pretty quickly, its significant policy support, as well as the recent pickup in global trade, help support China's strong recovery. The semiannual report says global economy is expected to expand 5.6 percent in 2021, up 1.5 percentage points from a previous projection, largely due to strong rebounds from a few major economies. Despite the recovery, global output will be about 2 percent below pre-pandemic projections by the end of this year. However, World Bank Group President David Malpass noted that the pandemic continues to inflict poverty and inequality on people in developing countries around the world. He called for globally coordinated efforts to accelerate vaccine distribution and debt relief, particularly for low-income countries.