In a report released on Tuesday, the World Bank has reduced China's growth forecast for the year 2022 from 4.3 percent to 2.7 percent. The figure of 4.3 percent was released by the World Bank in June. This deduction has been made by the World Bank due to the epidemic in China and weakness in the property sector. The World Bank, in its report Navigating Uncertainty, China's Economy in 2023, states that China's public health policy during the pandemic has been very harsh. This is fine considering the health of the people, but it is harming the economy.
The World Bank has said in its report that unemployment has increased in China. It increased to 18 percent in October. The government's policy response will rely largely on short-term support and can be complemented with more structural measures. To mitigate the adverse impact of the pandemic on the labor market, policymakers have introduced employment subsidies and public works programs. The World Bank report states that based on international experience, these measures can be effective in supporting labor demand during a recession.
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