The World Bank follows the forecasts already disclosed by the International Monetary Fund and cuts China's growth estimates. According to the Washington-based body, Chinese GDP will grow by 8,2% this year and not by 8,4%, as previously estimated. Therefore, the voices that envisage the worst result of the last ten years for the Asian giant are increasing. However, the World Bank expects the slowdown to be temporary and raised its growth estimates for 2013 from 8,3% to 8,6%.
According to the Washington institute, the decline in Chinese GDP is mainly due to the global slowdown and the drop in world demand. “A gradual slowdown in China is expected to continue in 2012″, the report states, “as consumption growth slows, investment growth decelerates more markedly and external demand remains weak”.
For Premier Wen Jiabao, as he had previously stated, the slowdown in the country is also due in part to a strategic decision to focus on more sustainable development and more prudent management of finances.
Tomorrow the state statistics body will announce the trend of the Chinese GDP in the first quarter of 2012 which, as the economist Giovanni Ajassa wrote on this site, if it were to slow down too much it could negatively affect Italy's exports.
