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The World Bank"s latest forecast has upgraded China"s economic growth projection to 5.1 percent this year, compared with 4.3 percent in January, according to the bank"s latest East Asia and Pacific Economic Update.
According to the report, thanks to China"s continuous opening-up and a significant rebound in economic activity, the growth of developing economies in East Asia and the Pacific will exceed previous expectations.
The report raised China"s economic growth forecast for this year to 5.1% from the 4.5% forecast in October last year, an increase of 0.8 percentage points compared to the 4.3% forecast in the World Bank"s Global Economic Outlook report released in January this year.
The economic growth rate of developing economies in East Asia and the Pacific will rebound to 5.1% in 2023 from 3.5% last year, higher than the 4.6% forecast in October last year.
However, the report also pointed out that economies in East Asia and the Pacific face multiple downward risks this year, including a slowdown in global growth and rising commodity prices.
Since the start of this year, international institutions have raised their expectations for China"s economic growth in 2023. At the end of January this year, the International Monetary Fund raised its economic growth forecast for China this year to 5.2%. In mid-March, the Organization for Economic Cooperation and Development raised China"s economic growth forecast from 4.6% to 5.3%.
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