Tue, Oct 28, 2008 - Page 12 News List

Single-digit growth expected next year in PRC: World Bank


China’s economic growth next year will remain in the single digits as the global downturn hits developing nations, the World Bank’s chief economist said in comments reported yesterday.

“[China’s growth next year] is expected to have a 2 to 3 percentage point correction compared with the double-digit growth seen in the past,” the Beijing News quoted Justin Lin Yifu (林毅夫) as saying.

China’s economy grew by 11.9 percent last year.

Official figures showed that growth slowed to 9 percent in the third quarter, the lowest level in more than five years, mainly because of a slowdown in exports.

Lin said developing nations would inevitably suffer from the global crisis, which has so far hit the US and other developed countries the hardest.

“Impacted by the economic recession in the developed countries, developing countries will see exports shrink sharply and face a shortage of investment funds,” he said, according to the report.

Lin said one remedy for coping with the global financial crisis was to boost domestic consumption by increasing spending in infrastructure and social welfare.

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