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World Bank President: China's GDP growth expected to exceed 5% this year

April 12, 2023

Local time on April 10th, the 2023 spring meetings of the International Monetary Fund and the World Bank opened in Washington. World Bank President Malpass said the world economy will be weak this year, but China will be an exception. China's GDP growth is expected to exceed 5 percent in 2023.

Malpass said that China's improved epidemic prevention policy will help improve the economic growth prospects of China and even the world. China's private investment is strong, monetary policy has room for counter-cyclical adjustment, and the government has been encouraging growth in services, particularly health care and tourism.

At the end of March, the World Bank released a report on the economic situation of East Asia and the Pacific, which raised China's growth rate to 5.1% in 2023, sharply higher than the bank's January forecast of 4.3%.

Growth in developing countries outside China is expected to slow to about 3.1 percent this year from 4.1 percent in 2022, Malpass said. He said the bank expected global growth to slow to 2 percent this year from 3.1 percent in 2022, with the US forecast to slow to 1.2 percent from 2.1 percent in 2022.

Malpass said rising oil prices, banking turmoil in the U.S. and Europe and inflation will continue to put downward pressure on global growth in the second half of the year.