China's Economy Predicted to Slow Down: Will it Impact Indonesia?

Economics & Macro

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Adi Ahdiat 29/09/2022 11:40 WIB

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The World Bank projects a slowdown in China's economic growth in 2022. However, this is not predicted to significantly impact its neighboring countries in East Asia and the Pacific, including Indonesi

China's Economic Growth Projection (2021-2023)

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China's Economic Growth Projection (2021-2023)

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The World Bank projects a decline in China's economic growth this year. This projection is recorded in their October 2022 report, *East Asia and the Pacific Economic Update*.

The report predicts that China's Gross Domestic Product (GDP) growth in 2022 will only reach 2.8%, a significant decrease from the previous year.

China's GDP growth is then forecast to strengthen in 2023, although it will remain relatively low, as shown in the graph.

"The economic impact of the Covid-19 pandemic may have lessened in many countries, but its impact remains significant in China," the World Bank explained in its report.

"China continues its zero-Covid approach, conducting mass testing and mobility restrictions to control the spread of the disease. These restrictions disrupt supply chains, industrial production, domestic sales, and exports," it continued.

Fortunately, the World Bank assesses that China's performance will not significantly affect its neighboring countries in the East Asia and Pacific region, including Indonesia.

"Although the Chinese economy slowed in the first half of 2022, most countries in the East Asia and Pacific region are projected to have higher economic growth and lower inflation than other countries worldwide," the World Bank stated.

According to the World Bank, most East Asian and Pacific countries have relatively strong economic growth due to three reasons: high levels of consumer spending, continued export demand, and monetary tightening policies implemented by each country.

Despite the generally positive projections, the World Bank cautions East Asian and Pacific countries about risks from the global economic slowdown, monetary policies of other major countries, and ineffective domestic policies.

"East Asian and Pacific countries face various challenges, both external and self-created," the World Bank noted.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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China's Economy Predicted to Slow Down: Will it Impact Indonesia?

China's Economy Predicted to Slow Down: Will it Impact Indonesia?

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