 |
China, A Big Drive for Economic Recovery: World Bank Annual Report
Thursday saw the World Bank publish its annual report of "'2002 Global Economic Prospects and Developing Countries". Influenced as pointed out by the US "9.11" Incident, the sharply worsened European economic prospects and the declining and weak Japanese economy, the global economy lacks of a powerful engine to push the global economy to a growth.
The economic growth in the world will slow down this year but it is expected to see a recovery in mid-2002. Developing countries such as China will play an important role for the revival.
According to the report, the rate of global economic growth is only 1.3 percent this year, largely inferior to the 3.8 percent of last year. The economic growth rate of developed countries will decrease from 3.4 percent of the year 2000 to 0.9 percent this year and that of developing countries will see a decline from 5.5 percent to 2.9 percent. As the report points out if developing countries see economic recovery in mid-2002, the growth rate of global economy will be expected to reach 1.6 percent with the rates of developed and developing countries going respectively up to 1.1 and 3.7 percent.
The World Bank noted that most of the signs showing the slowdown of economy are quite shocking. This is revealed in the estimation of this year's global trade volume, which will be only up by 1 percent despite the 13 percent increase in 2000. This is mainly due to the slump of hi-tech and telecom industry.
The World Bank also estimated that the global economy will revive in mid-2002 with the United States to set off and then extend by and by to Europe and other regions. In 2003, the global economy will witness a strong recovery with the economic growth rate to hit 3.9 percent.
The report is quoted as saying, the US "9.11" Incident will result in US$25-35 billion loss in the US output, nearly equals to one-day GDP volume of the whole country, accounting for 1.5 percent of the output of a quarter. The growth rate of the United States is estimated to reach 1.1 percent this year and the year 2002 will see an increase of 1.0 percent and 3.9 percent in 2003.
This year will probably witness a growth rate of 1.5 percent in the Euro region. However, the rate in 2000 was 3.5 percent. With its economy to revive in 2003, the rate will increase to 3.6 percent. The GDP of Japan will shrink by 0.8 percent. In 2002, it will up slightly by 0.1 percent. However, the growth rate of 2000 was 1.5 percent and in 2003, it will rise to 2.4 percent. East Asia is estimated to see a decline of 2.9 percent in economic growth while the rate of 2000 was 5.5 percent. The growth rate of Latin American regions will be a mere 0.9 percent while that of 2000 was 3.8 percent. South Asia will see a slight slowdown in its economic growth, expecting it to hit 4.5 percent whereas the rate of 2000 was 4.9 percent.
By PD Online Staff Du Minghua
In This Section
|