In a surprise move, the International Monetary Fund (IMF) has revised its forecast for China’s 2023 gross domestic product (GDP) upward to 5.2 per cent, attributed to the nation’s full reopening in end of last year.
The world’s second-largest economy fell short of expectations last year as it grew by just 3 per cent. This marked the first time in more than 40 years that China’s GDP failed to reach the global average, which was roughly 3.4 per cent for 2022, the IMF said.
In contrast, the downward pressure on the global economy would be coming from the war in Ukraine and the inflation-driven spike in interest rates will slow global growth to 2.9 per cent this year from an estimated 3.4 per cent in 2022.
