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World Bank cuts Asia’s economic outlook on China slowdown

The Washington-based lender expects the region to grow 3.2 percent in 2022, down from the 5 percent forecast in April.

The World Bank has cut its economic outlook for Asia-Pacific, saying China’s ultra-strict “COVID-zero” policy is a drag on regional growth.

The region’s economies are expected to grow 3.2 percent in 2022, down from the 5 percent forecast in April, as China’s closures continue to hit factories and dampen spending, the financial institution said on Tuesday. based in Washington.

China, the world’s second-largest economy, is projected to grow 2.8 percent this year, according to the bank, and 4.5 percent in 2023.

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The lender previously predicted that China would grow 5 percent in 2022.

The bank is the latest financial institution to cut its growth forecast for Asian economies after the Asian Development Bank (ADB) last week lowered its growth outlook for the region’s developing economies for 2022 from 5.2. percent to 4.3 percent.

Despite moves by the rest of the world to live with the coronavirus, China has adhered to a zero-tolerance strategy aimed at eradicating the coronavirus at almost any cost.

China’s economy barely avoided contraction in the second quarter, with gross domestic product (GDP) expanding by just 0.4 percent annually during the April-June period.

The World Bank also pointed to aggressive interest rate hikes by central banks trying to curb runaway inflation as a risk to growth in the region.

“As they brace for slowing global growth, countries must address the domestic policy distortions that are an impediment to longer-term development,” said Manuela Ferro, World Bank Vice President for East Asia and the Pacific. it’s a statement.

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