World Bank slashes China growth forecast as Covid-19 and housing crisis take their toll

SINGAPORE — The World Bank said it expects developing economies in East Asia to grow faster than China this year for the first time since 1990, as the world’s second-largest economy is grappling with a real estate crisis and the government’s zero tolerance approach to Covid -19.

The Washington, DC-based lender cut its Chinese growth forecast this year, but said it expects growth in the 22 neighboring economies to more than double in 2022 from the pace it has recorded. last year as countries benefit from the dismantling of most Covid-19 restrictions and a revival in tourism.