IMF Upgrades China's 2024 Growth Forecast to 5%, 2025 to 4.5% on Strong Q1

May 29, 2024, 04:30 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% in its April projections, and for 2025 to 4.5%, up from 4.1%. This revision reflects a strong first-quarter performance and recent policy measures. The IMF's decision follows a 13-day visit to China, during which its staff assessed the economic conditions. Despite the positive outlook, the IMF has cautioned about the need for more support in the property sector and potential risks in industrial policy and trade. Gita Gopinath, IMF's First Deputy Managing Director, highlighted the recovery in consumption.