The World Bank Raised Its Forecast For China's Economic Growth This Year

China's economy will grow by 2% this year, up 1 percentage point from the 1% forecast at the beginning of June, the World Bank said in a report on the economic situation in East Asia and the Pacific region released Wednesday.

The report predicts the east Asian and Pacific economies will grow 0.9 per cent this year, the slowest pace since 1967. The region's other economies, excluding China, will contract by 3.5 per cent this year.

The outbreak will push five million people back into poverty in East Asia and the Pacific this year, World Bank Chief economist for East Asia and the Pacific Martin Mattoo said in a press conference.

Mr Mattoo said that while many countries in the region had managed to contain the outbreak, recovery and growth still needed to be achieved.

The world Bank report also shows that the economic outlook for the East Asia and Pacific region in 2021 will be better than this year. China's economy is forecast to grow 7.9 per cent and the rest of the region 5.1 per cent, based on assumptions about the possibility of a vaccine, a sustained recovery and the normalisation of economic activity in major economies.

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