WB President: China's GDP Growth Expected to Exceed 5% This Year

On April 10th local time, the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF) were held in Washington D.C. WB President David R. Malpass stated that the global economy is generally weak this year, with China as an exception. It is expected that China's GDP growth rate will exceed 5% in 2023.

Malpass made the comments during a media conference call, noting that China's adjusted COVID-19 policy helps to improve the country's economic growth prospects and even the global economy. China owns powerful private investment, and its monetary policy has room for countercyclical adjustment. Additionally, the Chinese government has been encouraging growth in the service industry, especially in healthcare and tourism.

In late March, the World Bank released its report on the economic situation in East Asia and the Pacific, raising China's economic growth forecast for 2023 to 5.1%, significantly higher than its previous prediction of 4.3% in January. For developing countries other than China, economic growth is expected to slow from 4.1% in 2022 to around 3.1% this year, and many developing countries will continue to face low growth in the coming years, exacerbating fiscal pressures and debt challenges. The World Bank predicts that global economic growth will slow from 3.1% in 2022 to 2% this year, with the US economy expected to slow from 2.1% in 2022 to 1.2%.