China, the world’s second-biggest economy, is projected to grow at a much slower pace of 2.8% this year compared with an earlier forecast of 5.0%, according to the World Bank, amid the country’s zero-COVID policy and ongoing property crisis.
• Heavy economic toll from COVID-19 lockdowns
• Real estate market in severe downturn
• Chinese yuan hit lowest since 2008
It represents a sharp slowdown from the 2021 growth rate of 8.1% – the fastest recorded in a decade.
