China’s Economy To Grow 2 Percent In 2020, World Bank Reports

September 29, 2020 | Investopaper

China’s economy is projected to grow by 2 percent this year. The World Bank, a multilateral lender, made the projection on Monday. This is one percent more than the June projection. The bank has raised its growth projection, pointing to government spending, higher exports and control of the Covid-19 transition from March.

The economy of the rest of Asia is projected to shrink by 3.5 percent by 2020. Overall, the bank estimates that the Asia region will grow by only 0.9 percent this year. This will be the lowest growth rate since 1967. In 2021, the growth potential of this sector is rosy. China’s economic growth is expected to be 7.9 percent next year, the bank said. With the exception of China, Asia as a whole will grow by 5.1 percent in 2021.

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