Photo: IC

The world bank released the Global Economic Prospects report on Tuesday, forecasting a GDP growth of 8.5 percent in 2021 for China, leading the world economic recovery.

The World Bank attributed China's expected growth to the increase in consumer demand.

Record sales during this year's 618 mid-year shopping festival which kicked off on June 1, launched by China's major e-commerce platforms, including Alibaba's Tmall and JD.com,  has shown a strong consumer demand.

For instance, sales of domestic sports brands quadrupled on a yearly basis on JD.com, while sales of domestic cosmetic brands skyrocketed 64 times year-on-year.

Output will remain below pre-COVID levels despite robust rebound by China and the US, read the report.

The global economy is expected expand 5.6 percent in 2021, with emerging markets and developing economies growing at 6.0 percent. However, the developing economies continue to struggle with the COVID-19 pandemic and its aftermath, said the World Bank, adding that their rebound is anticipated to be a more modest 4.4 percent, excluding China.

According to the World Bank, the US economy is forecasted to expand 6.8 percent in 2021 from a 3.5 percent contraction in 2020, while India economy is expected to grow 8.3 percent from a low base of 7.3 percent negative growth in 2020.