China Growth Set to Slow Further in 2025, World Bank Says
- World Bank forecasts China’s GDP growth to drop to 4.3% in 2025 from 4.8% in 2024
- 2024 estimate revised up 0.3% on stimulus measures, but 2025 projection unchanged
- Weak consumer spending, property market woes, aging population cited as challenges
- Recent stimulus focused on supply side, may not boost consumer demand
- Deeper structural reforms needed for long-term growth, World Bank economist says
- Rest of East Asia/Pacific region expected to grow 4.7% in 2024, 4.9% in 2025
- Region urged to find domestic growth drivers as China’s economic influence wanes
Key quote: “The question is whether [the stimulus] can actually offset consumer concerns about declining salaries, concerns about declining property incomes and fears about falling ill, growing old, becoming unemployed,” – Aaditya Mattoo, World Bank