The first significant forecast made after the sovereign country entered a new phase of COVID response, the World Bank predicts that China’s economy will expand by 4.3 per cent this year and then by 5 per cent in 2024.
China’s health authorities declared they would downgrade the management of COVID-19 and remove it from infectious disease management requiring quarantine due to the evolution of the epidemic, the rise in vaccination rates, and extensive experience in epidemic prevention.
The United States growth rate is expected to fall to 0.5 per cent in 2023, 1.9 percentage points below previous forecasts and the worst performance outside of official recessions since 1970. China has begun a 40-day holiday period that will last until February 15. Another positive possibility is a faster-than-expected recovery in the country’s real estate sector. According to Gary Hufbauer, senior fellow and trade expert at the Peterson Institute for International Economics, Chinese business activities across the border will increase.
