Global recession may drag China’’s GDP down to seven pct in 2009

January 16th, 2009 - 1:31 pm ICT by ANI  

New York/Beijing, Jan.16 (ANI): China’’s economic growth may fall to seven percent in the wake of a deepening global financial crisis, the UN has warned in a report.
It has also forecasted in its regional analysis that the Chinese economy can still maintain a high rate of 8.9 percent if the international community adopts united efforts as soon as possible.
The UN’’s World Economic Situation and Prospects 2009 said Chinese authorities face a major challenge in stimulating their economy to invigorate domestic consumption, in the face of a severe drop-off in demand for Chinese exports.
The report, according to the China Daily, projects a continuing deceleration of economic activity in East Asia, with the region’’s 2009 growth of gross domestic product (GDP) expected to drop to 6.0 percent, down from 6.9 percent in 2008 and 9.0 percent in 2007.
The weakened trade with Europe and the United States will curtail growth in most economies in Asia led by China.
But it said China remains the region’’s locomotive for economic growth, as well as an engine for global growth. (ANI)

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