China to grow slower than rest of Asia for the first time since 1990

According to World Bank's forecast, this is primarily due to Xi Jinping's zero-Covid policy and the crisis in the country's property sector

For the first time since 1990, China will lag behind the rest of Asia in economic growth. According to the World Bank's forecast, this is primarily due to Xi Jinping's zero-Covid policy and the crisis in the property sector, as reported by Financial Times (FT).

The World Bank downgraded the GDP growth forecast for China to 2.8 per cent. In April, the bank had estimated China's growth rate to be between 4-5 per cent. In 2021-22, the second-largest economy grew by 8.1 per cent.

As China's growth projections are downgraded, rating agencies have increased the growth projections for Asia (excluding