In the News
China slowing - is the centre of economic gravity shifting again?
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27th September 2022
Is the centre of gravity shifting in the world economy? Revised forecasts from the World Bank reported in the Guardian suggest that China, the world’s second-largest economy, is projected to grow by only 2.8 percent in 2022 and 4.5 percent in 2023.
China accounts for 86% of GDP in the Asia-Pacific region but their growth rate is set to lag the region for the first time in more than thirty years. This Guardian article provides some background.
Persistent covid-related production lockdowns have hit domestic consumption and manufacturing output.
We are seeing more frequent stories of transnational companies opting to re-locate production – for example Apple’s decision to switch iPhone assembly to Vietnam and India.
The perennial questions of “will China grow old before she grows rich?” and “can China escape the middle-income trap?” remain!
OUT NOW: #EastAsiaPacific is sustaining growth, restraining inflation, but facing risks ahead, says @WorldBank’s new #EAPUpdate📊➡️ https://t.co/uwMa5OWzLS [1/2] pic.twitter.com/a3DsrTCPPz
— World Bank East Asia Pacific (@WB_AsiaPacific) September 27, 2022
'China, which was leading the recovery from the pandemic ... is now paying the economic cost of containing the disease in its most infectious manifestation' https://t.co/OTCyWUxHxs pic.twitter.com/sInArrvgkO
— Financial Times (@FinancialTimes) September 27, 2022
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