IMF confirms raising its forecasts for China’s economic growth

International Monetary Fund on Thursday reiterated that it had raised its economic growth forecasts for China for 2023 and 2024.

According to the “Xinhua” agency, International Monetary Fund spokeswoman Julie Kozak stated during a press conference that, based on the latest forecasts, the International Monetary Fund expects that the Chinese economy “will achieve the growth target set by the government in 2023 of about 5%, and this “It reflects the post-Covid recovery.”

After a team from the International Monetary Fund held discussions with Chinese officials about Article IV consultations for the year 2023, the agency announced in early November that it had raised its forecast for the Chinese economy for 2023 from 5.0% to 5.4%, and for 2024 from 4.2% to 4.6%. Compared to the global economic forecasts issued in October

She noted that in the medium term, the International Monetary Fund expects growth in China to slow further, to reflect the aging of the population as well as the slowdown in productivity growth.

She added, “We also see that China has the ability to raise this growth in the medium term by implementing structural reforms to enhance productivity and improve labor force participation.”

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