The Organization for Economic Co-operation and Development (OECD) has announced the lowering of its economic growth estimate for China in 2012 to 7.5 percent - the lowest growth rate in the past 10 years. The reasons for the reduced growth estimate include weak exports affected by the euro zone crisis and China’s efforts to curb rising inflation.
Accordingly, the OECD now foresees Chinese economic growth of 8.5 percent in 2013, revised down from its forecast of 9.3 percent made in May this year. Meanwhile, the OECD predicts that China’s economy will grow by 8.9 percent in 2014. Earlier in November, the International Monetary Fund (IMF) forecast that China’s economy would grow by 8.2 percent in 2013 and by 8.5 percent in 2014.