China’s reopening from pandemic restrictions could drive global growth above expectations and help avert a global recession, top finance experts at the World Economic Forum (WEF) said.
China is no longer imposing its strictest covid restrictions and has ended its “zero COVID” policy. Those changes fueled hope that the world’s second largest economy can resurrect global growth even as the United States, the euro zone and Britain are predicting a likely recession in the coming months.
China’s economic growth in 2022 slumped to 3%, one of its worst levels in nearly half a century, as the fourth quarter was hit hard by the strict COVID curbs and a property market slump. With restrictions in China lifted, some experts are now saying a widespread recession may no longer be a foregone conclusion.