China's economy will grow by 8.0% this year and 5.6% in 2022, but the recovery remains "unbalanced" as repeated coronavirus outbreaks and fiscal tightening weigh on consumption, it said.
In its regional outlook report, the IMF cut this year's economic growth forecast for Asia to 6.5%, down 1.1 percentage point from its projection made in April, as a spike in Delta variant cases hit consumption and factory output. "Although Asia and Pacific remains the fastest growing region in the world, the divergence between Asian advanced economies and emerging market and developing economies is deepening," the report said.
China's economy hit its slowest pace of growth in a year in the third quarter, highlighting the challenge policymakers face as they seek to prop up a faltering recovery while reining in the real estate sector.India is expected to expand 9.5% this year, while advanced economies like Australia, South Korea, New Zealand and Taiwan benefit from high-tech and commodity booms, the IMF said.
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