BEIJING: As 2024 reaches its midpoint, the Chinese economy continues to demonstrate robust growth potential. Recently, several international organizations and foreign institutions have released reports raising their expectations for China’s GDP growth this year, expressing optimism about the country’s economic prospects.
“China’s economic growth is projected to remain resilient at 5 percent in 2024 and slow to 4.5 percent in 2025. These reflect upward revisions of 0.4 percentage point for both years compared to the April WEO projections,” stated Gita Gopinath, IMF’s first deputy managing director, during her visit to Beijing on May 29. She attributed the IMF’s upgraded forecast to China’s strong GDP growth in the first quarter and recent policy measures.
Similarly, the World Bank’s latest “Global Economic Prospects” report has also raised its forecast for China’s economic growth in 2024 to 4.8 percent, up 0.3 percentage point from its December 2023 prediction. The World Bank cited stronger-than-expected exports and the impact of government real estate support policies and increased fiscal spending as reasons for the revision. Data from the General Administration of Customs of China further supports these optimistic projections. In May 2024, China’s exports increased by 7.6 percent year on year in U.S. dollar terms, marking a significant rise of 6.1 percentage points from April. –The Daily Mail-CGTN news exchange item
