IMF says China property slowdown will weigh on Asia's growth

Market News

SINGAPORE, Oct 18 - The International Monetary Fund downgraded its 2023 and 2024 growth forecasts for China, saying its recovery was"losing steam" and citing weakness in its property sector.

The report projected that a prolonged housing market correction in China would in the near-term"trigger greater financial stress among property developers and larger asset quality deterioration". The agency maintained its earlier growth projection for the region at 4.6% in 2023 and said economic activity in the region was on track to contribute around two-thirds of global growth this year.

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