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Financial News: IMF Trims China Growth Forecast On Trade Risks

IMF Trims China Growth Forecast On Trade Risks

06/05/2019 - 04:29:00 (RTTNews)

(RTTNews) - The International Monetary Fund on Wednesday cut China's growth forecast for this year and next, citing downside risks and high uncertainty surrounding trade tensions.

The lender lowered the growth forecast for this year to 6.2 percent from 6.3 percent seen in April.

The projection for next year was trimmed to 6 percent from 6.1 percent. On conclusion of the IMF staff Article IV mission to China, the lender said it expects China's growth to gradually slow to 5.5 percent by 2024, as the economy moves towards a more sustainable growth path.

"The near-term outlook remains particularly uncertain given the potential for further escalation of trade tensions," IMF's First Deputy Managing Director David Lipton said.

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