The Chinese economy is on track to grow by 8.5 percent in 2021, up 0.6 percentage point from a previous projection, the World Bank Group said in its latest Global Economic Prospects released on Tuesday.
China’s ability to contain the pandemic pretty quickly, its significant policy support, as well as the recent pickup in global trade, help support China’s strong recovery, World Bank Prospects Group Director Ayhan Kose told reporters at a press call Tuesday morning.
According to the semiannual report, the global economy is expected to expand 5.6 percent in 2021, up 1.5 percentage points from a previous projection, largely due to strong rebounds from a few major economies.
Despite the recovery, global output will be about 2 percent below pre-pandemic projections by the end of this year, the report showed. Per capita income losses will not be unwound by 2022 for about two-thirds of emerging markets and developing economies.
“While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world,” said World Bank Group President David Malpass.
“Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries,” he said.