IMF Raises China’s 2023 Growth Forecast to 5.2% as Economy Reopens

The International Monetary Fund (IMF) raised its estimate for China’s GDP growth this year to 5.2% from a 4.4% projection made in October, citing a faster-than-expected recovery as the world’s second-largest economy fully reopens after three years of stringent Covid-19 restrictions.

The expected rebound will moderate in 2024 however, with the pace of expansion slowing to 4.5% before settling at under 4% over the medium term amid shrinking business dynamism and slow progress on structural reforms, the IMF said in its latest quarterly update to the World Economic Outlook (WEO) released Monday.