World Economic outlook - China economic growth will drop to 8.5 percent in 2012 : he rapidly deteriorating crisis in the eurozone has worsened the global economic outlook and decisive policies are urgently needed to stop the contagion of sovereign debt turbulence spreading, the Organization for Economic Cooperation and Development (OECD) said.
Despite the worsening situation, the OECD did not lower its forecast for China's growth in an economic outlook report released on Monday compared with announcements it made in October. The OECD projected that the nation's output growth will average just over 9 percent from 2011 to 2012.
It previously said China's economic growth will drop to 8.5 percent in 2012, from this year's estimated 9.3 percent. In 2013, it will pick up to 9.5 percent. Last year, it was 10.4 percent.
Experts said China needs internal reforms and adjustments to cope with this round of external challenges and sustain its economic and social development.
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