China Faces Period of Uncertainty Amid Economic Slowdown

China's top leader, Xi Jinping.

The COVID-19 pandemic has had a devastating impact on China's economy. In addition to the economic slowdown, China is also facing immense criticism for its "zero-COVID policy."

Multiple outbreaks of the Omicron variant has disrupted the country's growth normalization. China's economic growth is estimated to slow to 4.3% in 2022 before rebounding to 5.2% in 2023. The disruptions could delay the recovery of consumption and services, discourage private investment, disrupt trade flows, and reduce growth. Furthermore, it could cause additional risks emerging from continuous stress in the real-estate sector. This, as a result, may trigger wider macroeconomic and financial repercussions.

Martin Raiser, World Bank Country Director for China, Mongolia, and Korea, said: "In the short term, ...

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