People wait for a table at a restaurant in Chengdu, Sichuan province, China , Apr 13, 2024. BEIJING: China 's economy is set to grow 5 per cent this year, after a"strong" first quarter, the International Monetary Fund said on Wednesday , upgrading its earlier forecast of 4.6 per cent expansion though it expects slower growth in the years ahead.
"China's economic growth is projected to remain resilient at 5 per cent in 2024 and slow to 4.5 per cent in 2025," the global lender said in a statement wrapping up its annual assessment of the world's second-biggest economy for 2024."Strong Q1 GDP data and recent policy measures" drove the upgrades, it added.
A string of recent economic indicators for April including factory output, trade and consumer prices suggest the US$18.6 trillion economy has successfully navigated some near-term downside risks, but China observers say the jury is still out on whether the bounce is sustainable. Retail sales in April, for instance, grew at their slowest pace since December 2022, when Beijing's strict zero-COVID curbs were in place, while new home prices fell at their fastest rate in nine years.
Source: Financial Digest (financialdigest.net)
IMF
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