China’s economy is expected to achieve a resilient growth of 5% this year, faster than previous projections. However, according to the International Monetary Fund (IMF), the country still needs to scale up property sector support and monetary easing as downside risks persist.
Gita Gopinath, first deputy managing director of the IMF, confirms that the organization has raised its forecasts for China’s economic growth to 5% this year and 4.5% next year, both up 0.4% compared with its April projections.
The upward revisions are driven by China’s strong first-quarter economic data and recent policy measures, Gopinath says.
Other international organizations, such as Goldman Sachs and Citigroup, have also raised their forecasts for China’s full-year GDP to 5% following its faster-than-expected growth in the first quarter.
Read the full article HERE.
