The Chinese economy is expected to maintain its recovery over the rest of 2021 thanks to the country’s strong exports, according to research by the Asian Development Bank (ADB).
ADB reiterated its April projections for the nation’s economic growth, predicting that China’s GDP will rise 8.1% this year and 5.5% in 2022.
According to Dominik Peschel, head of the economics unit at ADB, net exports will contribute more to China’s economic growth in 2021 than the bank had previously expected. He said consumption will continue to be the major driver for China’s economic growth both in 2021 and 2022.
The bank has also lowered its inflation forecast for 2021 to 1.3%, noting that the country’s consumer price inflation will stay well below its 2020 level.
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