IMF upgrades China’s 2023, 2024 GDP growth forecasts

Reuters :
The International Monetary Fund on Tuesday upgraded its 2023 gross domestic product growth forecast for China to 5.4 percent from 5 percent, citing a “strong” post-COVID-19 recovery, but said the fund still expected the world’s second-biggest economy to slow next year.

GDP growth could slow to 4.6 percent in 2024 because of continued weakness in China’s property sector and subdued external demand, the IMF said in a press release, albeit better than its October expectation of 4.2 percent in the IMF’s World Economic Outlook (WEO).

The upward revision followed a decision by China to approve a 1 trillion yuan ($137 billion) sovereign bond issue and allow local governments to frontload part of their 2024 bond quotas, in a move to support the economy.