WB: China's Economy to Grow 7.2 Percent This Year

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Last updated at: (Beijing Time) Thursday, April 24, 2003

WB: China's Economy to Grow 7.2 Percent This Year

While China is the epicentre of the SARS outbreak, the World Bank says the country's economy is still expected to grow robustly -- at 7.2 percent this year.

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While China is the epicentre of the SARS outbreak, the World Bank says the country's economy is still expected to grow robustly -- at 7.2 percent this year.

The World Bank predicts economic recovery in East Asian countries this year will be hit by the impact of SARS, but the severe effect of the epidemic will be short-term.

The bank says in a report that GDP growth in the region is likely to fall to 5 percent this year from an earlier forecast of more than 6 percent. However, East Asian countries are now in a good financial position to withstand short-term shocks and implement policies to help support their economies.

The Bank expects East Asia to grow more strongly than any other regions in both 2003 and 2004. It cites a number of reasons for an overall optimistic outlook including stronger growth in world trade, higher world agricultural prices and falling oil prices.

While China is the epicentre of the SARS outbreak, the World Bank says the country's economy is still expected to grow robustly -- at 7.2 percent this year, although down from last year's 8 percent -- , thus providing exporters elsewhere in Asia with a partial buffer against recession in the rest of the world.

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