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World Bank lowers China growth forecast

  • The World Bank on Thursday lowered its growth forecast for China amid concerns of slower growth.

    The bank now expects the Chinese economy to grow by 7.7 percent in 2013, down from its earlier estimate of 8.4 percent.

    The World Bank also lowered the forecast for global economic growth to 2.2 percent from 2.4 percent.

    In recent years, China’s booming growth has come on the back of high demand for its exports.

    However, a slowdown in key markets such as the United States and Europe has waned and raised doubts over whether China can maintain its high growth rate.

    Last year, the country’s economy grew at its slowest pace in 13 years.

    Tagged as: World Bank, China growth forecast, China economic growth, world bank cuts growth forecast