China’s economy is forecast to slow sharply in 2024, the World Bank says, calling recovery ‘fragile’

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — The World Bank is forecasting that China’s economy will slow next year, with annual growth falling to 4.5% from 5.2% this year. The report issued Thursday said the recovery of the world’s second-largest economy from setbacks of the COVID-19 pandemic, among other shocks, remains “fragile.” It said weakness in the property sector and in global demand for China’s exports, high debt levels and wavering consumer confidence are significant risks. The estimate of growth of around 5% was in line with others’ forecasts. The World Bank report said that spending on construction and on manufacturing investment have helped spur activity that slowed far more quickly than expected following a rebound when China dropped its strict pandemic precautions.