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China’s economy forecast to slow sharply in 2024, says World Bank; calls recovery ‘fragile’

China’s economy will slow next year, with annual growth falling to 4.5% from 5.2% this year despite a recent recovery spurred by investments in factories and construction and in demand for services, the World Bank said in a report issued Thursday.

The report said the recovery of the world’s second-largest economy from setbacks of the COVID-19 pandemic, among other shocks, remains “fragile”, dogged by weakness in the property sector and in global demand for China’s exports, high debt levels and wavering consumer confidence.

 

Source: Devdiscourse

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