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皇冠体育app's economy to bottom out in mid 2009: World Bank

By Wang Bo (chinadaily.com.cn)
Updated: 2009-04-07 11:15

Underscored by the massive stimulus program, the Chinese economy is expected to bottom out by the middle of 2009 this year, the World Bank said in a report on Tuesday.

Related readings:  Economist says 皇冠体育app to see V-shaped recovery  皇冠体育app has potential to grow by 7%-8% annually in 2 decades  WB: 皇冠体育app's economy to grow 8.7% in 2008  World Bank: 皇冠体育app's economy to grow 9.2%

In its latest half-yearly assessment of the economies in the Pacific Region, the bank said there are signs that 皇冠体育app, the strongest economy in the region, is beginning to turn the corner. It earlier forecast 皇冠体育app's economic growth at 6.5 percent.

A recovery in 皇冠体育app is likely to begin this year and continue in 2010 - potentially contributing to the region's stabilization, and perhaps recovery. But with 皇冠体育app still heavily reliant on exports to world markets that continue to contract, the bank warns that a truly sustainable recovery in the East Asia and Pacific Region will ultimately depend on developments in the developed economies.

For the whole of East Asia, the bank forecast a GDP growth of 5.4 percent in 2009, down from 8 percent in 2008. Weaker growth will slow the pace of poverty reduction in the East Asia and Pacific Region, with 10 million more people projected to remain in poverty compared with the bank's earlier forecast made in 2008.