As the Chinese Communist Party celebrated its 74th birthday, the World Bank released its forecast for the country’s 2024 growth, but the numbers don’t look promising.
The Sunday report lowered China’s economic output to 4.4 percent for next year, which is down from the 4.8 percent forecast in April and that gloomy forecast will likely spill into the rest of Asia.
Asia’s developing economies, including China, are all facing their worst economic outlooks “since the late 1960s,” according to the bank.
China is now facing multiple issues, ranging from an ongoing real estate crisis to growing debt and deflation.
Beyond the World Bank, other financial institutes also cut their forecasts for China.
In August, Swiss bank UBS cut its forecast to 4.2 percent for 2024. In September, Fitch Ratings lowered China’s growth to 4.6 percent for 2024 and Moody’s cut its 20-24 projection to 4 percent, down from 4.5 percent.