The International Monetary Fund (IMF) expects the country’s GDP to grow by 5.4% in 2023, thanks to a strong post-crisis recovery. This was reported by “Hit the primer” Referring to the fund’s description.
However, due to problems in the real estate market and decreasing foreign demand, the rate is expected to slow down to 4.6% in 2024. This will allow China to reach the official target of 5% for 2023, as stated by the IMF. China’s GDP increased by 5.2% year-on-year in the three quarters.
In the preliminary results of the mission, the Fund considers it important to control the risks arising from the regulation of the real estate market and the management of local governments’ debts. However, supportive macropolicies need to complement these efforts. Chen Fengying, former director of the China Institute of International Relations, believes China’s growth in 2023 could be 6 percent. According to him, officials did not specify the maximum possible estimate.
China’s GDP growth slowed to 3% annually in 2022 amid the COVID-19 pandemic and geopolitical instability.
Before that it was known what role will play China is accelerating the global shift away from oil.
Previously UN augmented Forecast of Russia’s GDP growth.