World Bank raises 2007 economic growth forecast for China

31 May 2007

Beijing, China, 31 May – The World Bank Wednesday increased its forecast for China’s economic growth for this year to 10.4 percent, due to results for the first quarter of 1007 and the general performance of the economy.

In February, the World Bank forecast growth of China’s Gross Domestic Product (GDP) of 9.6 percent, but in the first three months of this year, according to figures from the Beijing government, the Chinese economy grew 11.1 percent.

“In the first quarter of 2007, GDP growth was 11.1 percent, above the 10.5 percent send in the second half of 2006,” said the World Bank.

According to the World Bank, “this growth was due to a higher than expected rise in exports and lower growth of imports, as well as a less restrictive and balanced policy than was expected.”

In the quarterly report presented Wednesday in Beijing, the World Bank said that, despite this behavior, the pattern of growth of the Chinese economy was unchanged, driven by industry and boosted by external trade and investment. (macauhub)