World Bank Raises China's 2024 GDP Growth Forecast to 4.9%, Up 0.1 Percentage Points, Calls for Structural Reforms

Dec 26, 2024, 06:50 AM

The World Bank has raised its forecast for China's economic growth in 2024 to 4.9%, an increase of 0.1 percentage points from its previous estimate made in June. The updated forecast reflects the impact of recent policy easing and near-term export strength. Additionally, the World Bank projected China's GDP growth for 2025 at 4.5%. In its latest report, the institution emphasized the need for China to revitalize its economic growth through structural reforms while balancing short-term support with long-term strategies. This adjustment comes amid ongoing discussions about the challenges facing China's economy, including demographic shifts and the necessity for deeper reforms.