WORLD BANK RAISES CHINA 2009 GROWTH FORECAST TO 7.2%
Bloomberg News
Bloomberg, June 18, 2009
The World Bank raised its growth forecast for China this year and advised policy makers to delay until 2010 any additional stimulus plan to boost the world’s third-largest economy.
China’s economy will expand 7.2 percent in 2009 from a year earlier, up from a 6.5 percent forecast in March, the Washington-based lender said in a quarterly report released today in Beijing. Stocks gained after the announcement.
The World Bank joins Goldman Sachs Group Inc., Morgan Stanley and UBS AG. in raising growth forecasts this year after a 4 trillion yuan ($585 billion) stimulus package triggered record loans and surging investment. China, the biggest contributor to global growth in 2007, is relying on government spending as exports slump because of the world recession.
The World Bank said it’s “too early” to say there is a sustained recovery, citing the economy’s dependence on the stimulus and echoing a State Council caution yesterday against excessive optimism.
It’s “not necessary, and probably not appropriate” for China to add fiscal stimulus this year, the World Bank said. Consumption is likely to slow, pushing down wages and employment, and the nation should retain room for stimulus in 2010, in case the global economy takes a turn for the worse, the bank said.
Bloomberg News
Bloomberg, June 18, 2009
The World Bank raised its growth forecast for China this year and advised policy makers to delay until 2010 any additional stimulus plan to boost the world’s third-largest economy.
China’s economy will expand 7.2 percent in 2009 from a year earlier, up from a 6.5 percent forecast in March, the Washington-based lender said in a quarterly report released today in Beijing. Stocks gained after the announcement.
The World Bank joins Goldman Sachs Group Inc., Morgan Stanley and UBS AG. in raising growth forecasts this year after a 4 trillion yuan ($585 billion) stimulus package triggered record loans and surging investment. China, the biggest contributor to global growth in 2007, is relying on government spending as exports slump because of the world recession.
The World Bank said it’s “too early” to say there is a sustained recovery, citing the economy’s dependence on the stimulus and echoing a State Council caution yesterday against excessive optimism.
It’s “not necessary, and probably not appropriate” for China to add fiscal stimulus this year, the World Bank said. Consumption is likely to slow, pushing down wages and employment, and the nation should retain room for stimulus in 2010, in case the global economy takes a turn for the worse, the bank said.
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