China's reopening from pandemic restrictions could drive global growth beyond expectations and help avoid a broader recession even as some of the world's largest economies struggle to overcome a downturn, top finance officials at the World Economic Forum said.
China has lifted many of the most debilitating restrictions after abruptly jettisoning its strict "zero COVID" policy, fuelling hopes that the world's second largest economy can resurrect global growth even as the United States, the euro zone and Britain flirt with a recession over the coming quarters.
"Asia is where the growth factor will be, you know, not only China, India, Indonesia; these are all emerging and very strong economies.""There's pent-up savings, there's pent-up demand, so we think that China will see very strong growth, especially as you get later in the year," Douglas L. Peterson, the President and CEO of S&P Global told a panel discussion.
Credit Suisse Chairman Axel Lehmann said he even hoped the United States could avoid a recession, but he too put his bets on China.
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