World Bank downgrades its forecast for China's GDP growth this year

The World Bank predicts China's economy will grow by 5% in 2022 instead of 5.4% expected in October, Report informs, citing the Bank's Global Economic Outlook

According to the document, China, which accounts for 86% of regional production, is projected to grow by 5% in the base case and 4% in the worst-case scenario.

According to the bank's analysts, the situation around Ukraine negatively affects the recovery of developing economies in East Asia and the Pacific at the peak of the coronavirus pandemic.

In addition, output in the rest of the region is projected to increase by 4.8% in the base case and by 4.2% in the worst-case scenario. In the worst-case scenario, another 6 million people in the region will remain below the poverty line in 2022 at $5.5 a day.