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China`s 2020 growth forecast held at 5.9 per cent by World Bank amid `fragile` global economic outlook

2020-01-30

China`s 2020 growth forecast held at 5.9 per cent by World Bank amid `fragile` global economic outlook


  • The latest Global Economic Prospects report predicts China`s growth is forecast to decelerate to 5.9 per cent this year, unchanged from the previous forecast in October
  • Overall, the global economy will grow by 2.5 per cent in 2020, up from 2.4 per cent in 2019, the weakest growth rate since the global financial crisis in 2008-2009

  • Growth in the United States will slow to 1.8 per cent from 2.3 per cent in 2019 because of the impact of import tariffs and continued investment uncertainty. Photo: Bloomberg

    China`s growth is forecast to decelerate to 5.9 per cent this year, according to the World Bank, and while its latest Global Economic Prospects report suggests global growth will accelerate slightly in 2020, the outlook for the world economy remains [fragile" amid major risks to even their [tepid" forecast.

    The prediction for China in 2020 is unchanged from the
    World Bank`s previous forecast
    in October, with the world`s second largest economy set to decelerate from 6.1 per cent in 2019. China`s growth slowed to 6.0 per cent in the third quarter of 2019, with Beijing expected to support a target of around
    6 per cent for this year.

    Overall, the global economy will grow by 2.5 per cent in 2020, up from 2.4 per cent in 2019, the weakest growth rate since the global financial crisis in 2008-2009, the World Bank said, as trade and investment gradually recover.

    [Downside risks predominate, including the possibility of a re-escalation of global trade tensions, sharp downturns in major economies, and financial disruptions in emerging market and developing economies," said the World Bank.



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