China’s economy forecast to slow sharply in 2024, World Bank says

Most of the jobs created during China’s recovery have been low-skilled work in service industries with low pay, the report noted (Ng Han Guan/AP)

China’s economy will slow next year, with annual growth falling to 4.5% from 5.2% this year despite a recent recovery spurred by investments in factories and construction and in demand for services, the World Bank said.

The World Bank report said the recovery of the world’s second-largest economy from the setbacks of the Covid-19 pandemic, among other shocks, remains “fragile”, dogged by weakness in the property sector and in global demand for China’s exports, high debt levels and wavering consumer confidence.