IMF upgrades China’s growth forecast

The global lender now expects the world’s second-largest economy to grow 5% in 2024 and to slow to 4.5% in 2025. — Reuters

CHINA’S economy is set to grow 5% this year, after a “strong” first quarter, the International Monetary Fund (IMF) says, upgrading its earlier forecast of 4.6% expansion though it expects slower growth in the years ahead.

The IMF said it had revised up both its 2024 and 2025 gross domestic product (GDP) targets by 0.4 percentage points, but warned that growth in China would slow to 3.3% by 2029 due to an ageing population and slower expansion in productivity.