The World Bank forecasted that 5.2% annual growth for China in 2023 will slow to 4.5% in 2024, and down to 4.3% in 2025. China’s growth has fluctuated dramatically in recent years, ranged from 2.2% in 2020 to 8.4% in 2021 and 3% in 2022.
China’s economy is feeling the drag following severe pandemic shut downs, a weak property sector, weakening export demand, high debt levels, the worsening trade war with the US, and low consumer confidence. Three strong export categories were industrial machinery, mobile phones, and vehicles.
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