https://twitter.com/bsindia/status/1574685552808529920 For the first time since 1990, China will lag behind the rest of Asia in economic growth. According to the World Bank's forecast, this is primarily due to Xi Jinping's zero-Covid policy and the crisis in the property sector, as reported by Financial Times (FT).
The World Bank downgraded the GDP growth forecast for China to 2.8 per cent. In April, the bank had estimated China's growth rate to be between 4-5 per cent. In 2021-22, the second-largest economy grew by 8.1 per cent.
As China's growth projections are downgraded, rating agencies have increased the growth projections for Asia (excluding China). The region is expected to grow 5.3 per cent in 2022-23 on the back of a rebound in domestic consumption. Last year, it grew at 2.6 per cent.
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