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IMF improves forecast for China's GDP growth to 5.2% in 2023

The IMF noted that economic activity in China slowed down in the Q4 amid multiple COVID-19 outbreaks in Beijing and other large cities

WASHINGTON, January 31. /TASS/. The International Monetary Fund (IMF) expects that China's GDP in 2023 to reach 5.2%, while in 2024 the growth rate is projected at 4.5%, according to the IMF’s World Economic Outlook update published on Monday.

"China’s real GDP slowdown in the fourth quarter of 2022 implies a 0.2 percentage point downgrade for 2022 growth to 3.0% — the first time in more than 40 years with China’s growth below the global average. Growth in China is projected to rise to 5.2% in 2023, reflecting rapidly improving mobility, and to fall to 4.5% in 2024 before settling at below 4% over the medium term amid declining business dynamism and slow progress on structural reforms," the report said.

The IMF noted that economic activity in China slowed down in the Q4 amid multiple COVID-19 outbreaks in Beijing and other large cities. "Renewed lockdowns accompanied the outbreaks until the relaxation of COVID-19 restrictions in November and December, which paved the way for a full reopening. Real estate investment continued to contract, and developer restructuring is proceeding slowly, amid the lingering property market crisis," the report said. In turn, "China’s slowdown has reduced global trade growth and international commodity prices", the IMF said.

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The Russian leader expressed confidence that the the 12th International Meeting of High Representatives for Security Issues "will bolster cooperation for the mutual benefit of our countries and peoples"

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The Russian embassy has not yet commented on the situation

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Poland practices transfer of mechanized brigade to Lithuania's Suwalki Corridor area

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SCO expects Belarus to join the organization very soon — Shoigu

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Miguel Salgado’s ‘Shame’ wins main prize at Moscow International Film Festival

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About 20% of weapons sent to Kiev end up on black market – Russia’s UN mission

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