China will escape relatively unscathed from the effects of the Russian invasion of Ukraine compared with most other large economies, according to a report by the Organisation for Economic Co-operation and Development (OECD).
Economic growth in China will slide to 4.4% in 2022 and rebound to 4.9% in 2023, the OECD said.
That contrasts with the US, where gross domestic product (GDP) growth will slow to 2.5% in 2022 and just 1.2% in 2023.
The GDP figures for Japan are 1.7% in 2022 and 1.8% in 2023, while in South Korea growth will moderate to 2.7% in 2022 and 2.5% in 2023. Australia’s economy is expected to grow 4.2% in 2022 and 2.5% in 2023.
The report – “The Price of War” – noted that the conflict in Ukraine and the supply-chain disruptions exacerbated by shutdowns in China due to its zero-Covid policy are dealing a serious blow to global recovery.
Worldwide GDP growth is now projected to slow sharply this year, to…
