4.8%! Economic activity is stronger than expected. The World Bank has raised China's 2024 economic growth forecast


The World Bank released its latest Global Economic Outlook report on June 11th, stating that the current global economic situation is better than at the beginning of the year, raising the expected global economic growth for 2024 from 2.4% in January to 2.6%, marking the first stable growth in three years. World Bank economists say that the global economy is approaching a "soft landing" and the average inflation rate has also dropped to a three-year low. "The good news is that the global economy is stabilizing, and we believe that after three consecutive years of weak economic growth, stable growth will be achieved this year, with a growth rate of around 2.6%. In fact, we expect a slight rebound next year." The report states that China's economic activity at the beginning of this year was stronger than expected, raising its 2024 economic growth forecast from 4.5% in January to 4.8%. The report also stated that although the global economic outlook has improved recently, it still appears sluggish by historical standards. The global economic outlook still faces risks, including geopolitical tensions, trade fragmentation, and climate related disasters. (Lai Xin She)

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