BEIJING, 29th May, 2024 (WAM) -- The International Monetary Fund (IMF) has revised up China's economic growth outlook for this year, citing strong economic data in the first quarter and the country's recent policy measures.
According to China Global Television Network (CGTN), the latest assessment by the International Monetary Fund (IMF) indicates that China's economy is projected to expand by 5 percent this year, marking a 0.4 percentage point increase from the forecast provided in the World Economic Outlook (WEO) report issued in April. The IMF also lifted its China growth forecast for 2025 by 0.4 percentage points to 4.5 percent.
"It's driven by a strong first quarter GDP growth in 2024 and recent policy measures," said Gita Gopinath, First Deputy Managing Director of the IMF, at a press conference in Beijing on Wednesday.
China's GDP grew 5.3 percent year-on-year in the first quarter of 2024, according to official data released in mid-April, keeping the world's second-largest economy on track to meet its growth target of "around 5 percent" this year.