BEIJING: The World Bank boosted its prediction for China’s economic growth this year to 8.5 percent from 8.1 percent, noting that a full recovery will necessitate improvement in coronavirus vaccinations. The data adds to the growing body of evidence that China, the first major economy to recover from the pandemic, is on the mend. Factory and consumer activity have returned to pre-outbreak levels, however officials have reinstated travel restrictions in some locations to prevent the spread of new virus types.
According to the World Bank, China’s economic growth will likely fall to 5.4 percent next year as the recovery from last year’s historic global recession fades and activity returns to normal.
China and Vietnam were the only East Asian economies to reach a “v-shaped” recovery in 2020, with output returning to pre-coronavirus levels, according to a report released in April.
China is on target to vaccinate 40% of its population by early summer, according to the World Bank, but “complete recovery will also require ongoing efforts toward attaining widespread vaccination.”
Associated Press (AP)
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