The World Bank Cuts China’s Growth Forecast For 2024

The World Bank has cut its economic growth forecast for China for 2024, citing continued difficulties in the domestic market including the property crisis and a fading rebound from the re-opening this year. Slower Chinese gross domestic product (GDP) growth could hit commodity demand and prices since China is the world’s largest commodity consumer and the biggest importer of crude oil. In its latest East Asia and Pacific October 2023 Economic Update on Sunday, the World Bank kept its Chinese growth estimate for 2023 at 5.1% compared to the…