ADB forecasts moderation in Chinese economy for 2024
The Business Guardian|April 13, 2024
The Asian Development Bank (ADB), the Chinese economy is expected to achieve a growth rate of 4.8 percent in 2024. This forecast is attributed to the recovery of household consumption, ongoing adjustments in the property market, and subdued external demand.
ADB forecasts moderation in Chinese economy for 2024

The growth rate for the broader Asian economy is anticipated to slow down from last year’s 5.2 percent expansion. The report highlights that an uncertain global macroeconomic environment, coupled with trade tensions, could impact the demand for Chinese exports. Looking ahead, the ADB predicts a further moderation in growth to 4.5 percent next year.

“An increase in household consumption should help drive economic growth this year, as the labor market and household income improve,” said ADB Country Director for the PRC Safdar Parvez.

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