The IMF has upgraded its forecast for China’s economic growth this year but warned that Beijing needed to “scale back” industrial policies that could affect trading partners and increase efforts to lift domestic demand.
Concluding their regular assessment of the health of China’s economy, IMF staff said they were upgrading their forecast for gross domestic product growth in 2024 to 5 per cent, from 4.6 per cent. The multilateral lender also increased its forecast for 2025 to 4.5 per cent, from 4.1 per cent.
The change was driven by stronger first-quarter growth and recent policy initiatives, the IMF said, as Beijing increases stimulus efforts to aid an economy still struggling with the effects of a deep property slump.
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