World Bank Cuts China Growth To 7.5%, Lowest in 18 Years

China’s GDP will slow to 7.5 percent in 2009 from 9.4 percent this year, the World Bank said today in its latest China Quarterly Update. That growth rate, if it materializes of course, would be the lowest rate since 1990.

The $586 billion stimulus package announced earlier this month will help out according to the World Bank, mainly raising imports from Mongolia and Australia of iron and copper, for use in infrastructure projects. However, this won’t be enough to counter balance the expected drop in the growth of exports of China (from 11% this year to a forecasted 3.5% in 2009).

Source: ShanghaiDaily.com