Economy
IMF projects China GDP to slow to 4.6% in 2024, decline further in medium term
FILE PHOTO: A worker stands on a scaffolding at a construction site in Beijing, China January 26, 2024. REUTERS/Florence Lo/File Photo
(Reuters) – The International Monetary Fund on Friday projected that China’s economic growth would slow to 4.6% in 2024 and decline further in the medium term with growth of about 3.5% projected in 2028.
China’s economy has been hit by weakness in its property sector and subdued external demand, the IMF said.
The world’s second-largest economy has struggled to mount a strong and sustainable post-COVID pandemic bounce, burdened by the protracted property crisis, weak consumer and business confidence, mounting local government debts, and weak global growth.
