World Bank expect China's economy to grow 4.5% in 2024

By Tuba Ongun

The World Bank projected China's economy to grow 4.5% next year and 4.3% in 2025 as the recovery remains "fragile."

The growth is projected to slow down from 5.2% this year, the bank said in its updated outlook report on Thursday, underlying "considerable downside risks" to the outlook.

"The outlook is clouded by continued weakness in the real estate sector and persistently tepid global demand in the short term, as well as structural constraints to growth, including high debt levels, population ageing, and slower productivity growth than in the past," said the report.

The bank revised its projections upwards from 5.1% this year and 4.4% next year in its October report.

According to the latest data from the national statistics authority, China's GDP rose 4.9% year-on-year in the third quarter of 2023. On a quarterly basis, its economy grew 1.3% in July-September, following revised second-quarter growth of 0.5%.