BEIJING : The International Monetary Fund on Tuesday upgraded its 2023 gross domestic product growth forecast for China to 5.4 per cent from 5 per cent, citing a "strong" post-COVID-19 recovery, but said the fund still expected the Chinese economy to slow next year. GDP growth could slow to 4.
People wait to board trains at the Shanghai Hongqiao railway station ahead of the National Day holiday, in Shanghai, China September 28, 2023. REUTERS/Aly Song/File PhotoBEIJING : The International Monetary Fund on Tuesday upgraded its 2023 gross domestic product growth forecast for China to 5.4 per cent from 5 per cent, citing a"strong" post-COVID-19 recovery, but said the fund still expected the Chinese economy to slow next year.
The upward revision followed a decision by China to approve a 1 trillion yuan sovereign bond issue and allow local governments to frontload part of their 2024 bond quotas, in a move to support the economy. Over the medium term, growth is projected to gradually slow to about 3.5 per cent by 2028 amid headwinds from weak productivity and population aging, according to Gopinath.
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