IMF Upgrades China's 2024 GDP Growth Forecast to 5%, Raises 2025 Outlook

May 29, 2024, 02:21 AM

The International Monetary Fund (IMF) has upgraded China's economic growth forecast for 2024 to 5%, up from the previous projection of 4.6%. The IMF also revised its GDP growth outlook for 2025 to 4.5%, an increase from the earlier estimate of 4.1%. These revisions, which are 0.4 percentage points higher than the April projections, are attributed to a strong first quarter in 2024 and additional policy measures implemented by the Chinese government. The IMF's staff conducted a 13-day visit to China, which contributed to these preliminary findings. However, the IMF has also indicated that more support is needed for the property sector and has issued warnings regarding China's industrial policy.