Its COVID-19 woes add to weakening activity in the US and Europe, the International Monetary Fund’s managing director, Kristalina Georgieva, says.
For much of the global economy, 2023 is going to be a tough year as the main engines of global growth – the United States, Europe and China – all experience weakening activity, the head of the International Monetary Fund said on Sunday.
Since then, China has scrapped its zero-COVID policy and embarked on a chaotic reopening of its economy, though consumers there remain wary as coronavirus cases surge. In President Xi Jinping’s first public comments since the change in policy, he called in a New Year’s address on Saturday for more effort and unity as China enters a “new phase”.“For the first time in 40 years, China’s growth in 2022 is likely to be at or below global growth,” Ms Georgieva said.
In October’s forecast, the IMF pegged Chinese gross domestic product growth last year at 3.2 per cent – on par with the fund’s global outlook for 2022. At that time, it also saw annual growth in China accelerating this year to 4.4 per cent while global activity slowed further.Her comments, however, suggest another cut to both the China and global growth outlooks may be in the offing this month when the IMF typically unveils updated forecasts during the World Economic Forum in Davos, Switzerland.
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