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World Bank projects China's economy to grow by 7.9% in 2021

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Reference:CGTN | Updated:5 Jan 2021

The Chinese economy is on track to tick up by 7.9 percent in 2021, following a 2-percent growth in 2020, the World Bank Group said in its latest forecast released on Tuesday.

"Growth in China is projected to accelerate to 7.9 percent this year, 1 percentage point above the June forecast, reflecting the release of pent-up demand and a quicker-than-expected resumption of production and exports," the global lender said in its 2021 Global Economic Prospects.

The World Bank stated that China's performance is "an exception" and most other emerging markets and developing countries reeling from the contagion are clobbered harder than previously envisioned, feeding through into deeper recession and more lackluster recovery.

The report spelled out that the shallower economic contraction in advanced economies, coupled with China's stronger recovery, has caused the global economic downturn to be slightly lower than previously expected.

The International Monetary Fund said last October that China acts as the only major economy projected to achieve growth in 2020, hit 1.9 percent for the year and 8.2 percent for 2021.

China's economic snapback perked up in the third quarter of 2020, with GDP growth resting on 4.9 percent from the year-earlier period as it held the COVID-19 pandemic in check.

The growth dwarfed the second quarter's 3.2 percent and reversed the first contraction on record at 6.8 percent in the first quarter.

The global economy is on track to grow by 4 percent in 2021, assuming vaccination for COVID-19 becomes widespread throughout the year, the 189-member global lender pointed out.

U.S. GDP growth is forecast to be tame, expanding 3.5 percent in 2021, after tiding over an estimated 3.6-percent retreat in 2020, according to the World Bank.

A 3.6-percent gain is expected of the euro area this year on the heels of a 7.4-percent decline in the preceding year. 

Japan, which saw a 5.3-percent economic contraction in 2020, is tipped to climb by 2.5 percent in 2021.

"The global economy appears to be emerging from one of its deepest recessions, and beginning a subdued recovery," World Bank Group President David Malpass told reporters in a media conference call on Tuesday morning.

Although the global economy is growing again after a 4.3-percent contraction in 2020, the pandemic has caused a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period, according to the report.

Global growth is projected to moderate to 3.8 percent in 2022, weighed down by the pandemic's lasting damage to potential growth, the report showed.

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