China’s economic growth slowed down, India’s performance far better: IMF
Mumbai News: The International Monetary Fund (IMF) has lowered its forecast for China’s economic growth for the next two years, saying that low investment is the main reason behind the problems in the real estate sector in China.
On the other hand, the IMF believes that China’s neighboring country India will perform better than it, and has increased India’s economic growth forecast for this year to 6.3 percent without changing the outlook for the year 2024.
According to the IMF’s biennial World Economic Outlook report released on Tuesday, the IMF estimates that China’s economic growth will be 5 percent this year and 4.2 percent in 2024, which is 0.2 percent and 0.3 percent lower than the earlier estimate.
“To truly restore confidence in the sector in China will require very powerful and very big action from the government to reverse the projection of below-trend growth,” IMF Chief Economist Pierre-Olivier Gourinchas said.