IMF raises China's 2023 GDP growth forecast
The International Monetary Fund (IMF) on Tuesday raised its 2023 economic growth forecast for China, citing stronger consumption and recent policy measures announced by Beijing. After a tough year for the world's number-two economy, there have been flickers of life in recent weeks, with third-quarter expansion coming in more than expected. The IMF said it saw gross domestic product expanding 5.4 percent this year, compared with a previous estimate of 5.0 percent, while it lifted its outlook 2024 to 4.6 percent from 4.2 percent. Gita Gopinath, First Deputy Managing Director of the IMF, told a news conference in Beijing on Tuesday that the upgrade reflected "a strong post-reopening rebound in domestic demand, particularly consumption". The economy grew 4.9 percent in July-September, slower than the previous quarter but a lot better than expected and a little shy of the government's goal of "around five percent" for the year. Gopinath said the new forecast were made "reflecting stronger than expected growth in the third quarter and the new policy support that was recently announced". But she warned that the IMF expected "weakness in the property sector to continue, and external demand to remain subdued". (AFP)