China Forecasts Higher 2024 Growth of 5.3% Despite Global Slowdown
• China's economy could grow 5.3% in 2024, predicts Chinese Academy of Sciences think tank, higher than World Bank's 4.5% forecast • Growth to be driven by domestic consumption and investment, but dragged by exports • World Bank sees weaker consumption and investment due to property sector weakness and economic uncertainty • Structural issues like high debt, aging population, narrowing productivity gains to slow growth further • Global GDP facing worst 5-year period since 1990s, with 2023 a "temporary boost" before geopolitical and trade headwinds hit