IMF projects China GDP to slow to 4.6% in 2024, decline further in medium term

[February 02, 2024]  (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.   

A worker stands on a scaffolding at a construction site in Beijing, China January 26, 2024. REUTERS/Florence Lo/File Photo

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.

(Reporting by Mrinmay Dey in Bengaluru; Editing by Hugh Lawson)

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