China’s growth will be slower than believe just a few months ago, according to the World Bank:
A new World Bank report projects GDP growth in China will be 8.2 percent in 2012 and 8.6 percent in 2013. The China Quarterly Update, released today, says that the prospects for a gradual adjustment of growth remain high.
The GDP figures are very low compared to the 10% of better number turned in by China for several years. Economists have made the argument that the weakness in most EU economies has hurt demand for China exports. In addition, there are signs that the emerging middle class in the People’s Republic has slowed consumption, either because of high inflation or fear that the slowdown of the economy will accelerate and undermine employment opportunities.
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