The World Bank has cut China’s growth forecast as the world’s second-largest economy faces multiple issues, ranging from ongoing property crisis to weakening domestic demand and deflation, which is dragging down the economy. The report, released on Oct. 1, lowered China’s gross domestic product growth forecast for 2024 to 4.4 percent, down from 4.8 percent in its April forecast. The World Bank expects China’s GDP growth in 2023 to stand at 5.1 percent, slightly aligning with other surveys of 5 percent for the year. It also cut the 2024 growth forecast for developing economies in East Asia and the Pacific, including China, to 4.5 percent, compared with 4.8 percent in April....Read more https://www.theepochtimes.com/china/world-bank-cuts-chinas-growth-forecast-as-property-crisis-deepens-5502566