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China GDP: economic recovery from coronavirus ‘increasingly visible’ as IMF lifts China, global outlook
- China’s economy is now estimated to grow by 8.4 per cent in 2021, according to the International Monetary Fund (IMF), an increase of 0.3 percentage points from January’s prediction
- Global growth is estimated to be 6.0 per cent in 2021, although concerns remain over the recovery speed of different economies, global vaccination roll-outs and unresolved trade tensions
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China’s economic growth rate for this year has been raised by the International Monetary Fund (IMF), which believes a way out of the unprecedented coronavirus crisis is becoming “increasingly visible” around the world.
The Washington-based organisation on Tuesday raised China’s economic growth estimate for 2021 to 8.4 per cent, 0.3 percentage points higher than in its January prediction, with the 2020 estimate left unchanged at 5.6 per cent.
China’s economy grew by 2.3 per cent during a coronavirus-hit 2020, while Beijing has set an economic growth target of “above 6.0 per cent” for 2021, although many economists expect this to be exceeded.
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China’s updated outlook reflected the anticipated global recovery from the Covid-19 pandemic.
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IMF projects stronger 2021 growth for US and China amid pandemic rebound
IMF projects stronger 2021 growth for US and China amid pandemic rebound
“With global growth being stronger, you have more exports. The US rescue plan also will increase demand for China’s goods,” said Gita Gopinath, the IMF’s chief economist and director of research.
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