Financial News: IMF Lifts China's Growth Outlook

IMF Lifts China's Growth Outlook

05/29/2024 - 01:19:00 (RTTNews)

(RTTNews) - The International Monetary Fund upgraded China's growth outlook for both 2024 and 2025 citing strong first quarter GDP data and recent policy measures.

The Washington-based lender expects the economy to grow 5 percent this year, which was up from 4.6 percent projected in April. Likewise, the outlook for 2025 was lifted to 4.5 percent from 4.1 percent.

However, over the medium-term, growth is seen decelerating to 3.3 percent by 2029 due to aging and slower productivity growth.

The lender observed that risks are tilted to the downside, which includes a greater- or longer-than-expected property sector adjustment and increasing fragmentation pressures.

Inflation is forecast to climb but remain low as output remains below potential.

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