Investing.com said that as the economy recovers, the International Monetary Fund has raised China’s economic growth forecast for 2023 to 5.4%

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The International Monetary Fund (IMF) has revised its 2023 economic growth forecast for China from 5% to 5.4%, attributing the adjustment to China’s strong recovery from the COVID-19 pandemic. 19 and recent policy changes. The revised data also took into account stronger-than-expected third-quarter results, with China’s GDP growing by 4.9%, beating expectations.

During her visit to China, Gita Gopinath, First Deputy Managing Director of the International Monetary Fund, met with many senior officials including Pan Gongsheng, Governor of the People’s Bank of China, Yi Huiman, Chairman of the China Securities Regulatory Commission, Kang Yi, Director of the National Bureau of Statistics, and Liao Min, Vice Minister of Finance. officials. She stressed the need for more support measures for China’s real estate market, such as accelerating the exit of unviable real estate developers and ensuring that the central government provides additional funds to complete housing construction.

Despite the upward revision for 2023, the International Monetary Fund expects economic growth to slow in 2024, with GDP growth likely to fall to 4.6%. This improved from the 4.2% forecast in October and was attributed to continued difficulties in China’s real estate sector and sluggish external demand.

The International Monetary Fund also predicts that economic growth will slow to about 3.5% in 2028 due to adverse factors such as low productivity and a rapidly aging population. The forecasts follow China’s decision to approve the issuance of 1 trillion yuan in government bonds and allow local governments to quickly implement 2024 bond quotas to stimulate the economy.

China’s third-quarter GDP growth supports forecasts for full-year growth of 5% or above, despite challenges facing the real estate industry and local governments that led to a rare increase in the budget deficit. The Central Financial Work Conference emphasized medium-term priorities, focusing on real estate industry risks, local government debt and small and medium-sized banks.

This article was created and translated with the help of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.

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