Latest! They have all raised their forecast for China's growth rate, economy, and forecast
According to the website of Singapore's Lianhe Zaobao and Japan's Daily News on the 7th, the World Bank released the latest Global Economic Outlook report on the 6th. In the report, the World Bank predicts that the global economy will grow by 2.1% in 2023, an increase of 0.4 percentage points from its January forecast. The report states that the Chinese economy will grow by 5.6%, up 1.3 percentage points from the January forecast.
The report said that the Global Economic Outlook report believed that China, which had relaxed the prevention and control measures for the COVID-19 epidemic, "will play a pulling role".
The report also raised the expected economic growth rates of developed countries, resulting in an increase in the new global economic growth expectations compared to the 1.7% reported in January.
This new report suggests that due to active consumption in China, the expected economic growth rate for 2023 has been raised by 1.3 percentage points to 5.6%.
For the eurozone, the report believes that the decline in natural gas prices will provide support, and will increase its economic growth rate by 0.4 percentage points to 0.4% in 2023.
For the United States, the report raised the expected economic growth rate for 2023 by 0.6 percentage points to 1.1%.
Japan's economic growth expectations were lowered by 0.2 percentage points to 0.8% due to sluggish foreign demand.
According to the report, the World Bank predicts that due to China's economic recovery and improved growth prospects for several large economies, economic growth in East Asia and the Pacific, Europe, and Central Asia will accelerate this year, while economic growth in other regions will slow down.
The report also said that the global economic growth this year will be significantly lower than that of last year under the circumstances of the continued Russia-Ukraine conflict and the continued tightening of monetary policy to curb high inflation.
According to Agence France Presse on the 7th, with signs of easing global inflation and China optimizing its epidemic prevention measures, the Organization for Economic Cooperation and Development slightly raised its growth expectations for the world economy on the 7th, but warned that the global recovery is "a long way off".
According to reports, the Paris based OECD predicts that the global economy will grow by 2.7%, higher than the 2.6% reported in the previous March report. Among them, the growth expectations for China, the United States and the euro area were raised.
The OECD said that the decline in energy prices, the breakdown of supply chain bottlenecks, and China's faster than expected reopening have all driven economic recovery.
According to Reuters on the 7th, in the past few months, a group of important overseas executives, including Elon Musk from Tesla and David Solomon from Goldman Sachs, have flocked to the reopened China. This indicates that after three years of the pandemic, foreign executives seem eager to return to China.
According to reports, recent visits to China include Tim Cook from Apple, Pat Gelsinger from Intel, Mary Barra from General Motors, Stephen Schwarzman from Blackstone, and Jamie Damon from JPMorgan Chase.
The report quotes Christopher Johnson, President of China Strategy Group, a political risk consulting firm, as saying, "If you want to operate in China, you must demonstrate sufficient commitment to the Chinese market."
According to comments made by foreign executives during their visit to China, they do not want the world's two largest economies to "decouple".
