World Bank slashes economic outlook for China to 2.8 pc

The World Bank has slashed China's 2022 economic growth projection to 2.8 per cent, pointing to Beijing's "zero-COVID" policy and real estate crisis.

Notably, the World Bank forecasted 5 per cent economic growth in April, The Strait Times reported.

In the October update of its report on the economic prospects for East Asia and the Pacific (EAP), the World Bank project 2.8 per cent growth, which is the lowest among international institutions.

It is pertinent to mention that 2022 will be the first year China's growth will fall below that of the region since 1990, according to The Strait times citing report.