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- IMF raises China’s 2019 growth forecast
IMF raises China’s 2019 growth forecast
The International Monetary Fund raised its 2019 China growth forecast to 6.3% from 6.2% Tuesday but warned of “more subdued” momentum next year.
The IMF’s improved outlook for the Chinese economy partly reflects brighter prospects for trade negotiations between China and the U.S.
China’s economy grew 6.6% last year amid sluggish domestic and foreign demand, marking the slowest annual expansion since 1990, official data showed. The government set an economic growth target for 2019 of 6% to 6.5%, compared with a target of around 6.5% for 2018.
“China has ramped up its fiscal and monetary stimulus to counter the negative effect of trade tariffs. Furthermore, the outlook for US-China trade tensions has improved as the prospects of a trade agreement take shape,” Gita Gopinath, IMF’s economic counselor, wrote in the report.
However, the fund downgraded China’s economic growth for 2020 to 6.1% from its previous projection of 6.2%.
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