China GDP: IMF revises up 2023, 2024 economic growth outlooks, but calls for hastened action to fix property sector

International Monetary Fund (IMF) revises up China’s gross domestic product growth rate forecasts to 5.4 per cent for 2023 and 4.6 per cent in 2024

But the Washington-based organisation warned that continued weakness in China’s property sector and subdued external demand would continue to slow growth

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International Monetary Fund (IMF) first deputy managing director Gita Gopinath (centre) in Beijing on Tuesday. Photo: X/@GitaGopinath

Published: 8:00pm, 7 Nov 2023Updated: 9:18am, 8 Nov 2023

Citing “stronger than expected” consumption in the third quarter, the International Monetary Fund (IMF) raised its forecasts for China’s gross domestic product growth rate to 5.4 per cent for 2023 and 4.6 per cent in 2024, but still advised a “hastened” restructuring in the property sector on Tuesday in Beijing.

The figures were revised up from 5 per cent and 4.2 per cent, respectively, which were published in the IMF’s “World Economic Outlook” last month.

“Third quarter GDP growth came out stronger than we expected, and it was driven by stronger consumption that we had expected,” IMF first deputy managing director Gita Gopinath said in Beijing on Tuesday.

China’s economy grew by 1.3 per cent in the third quarter from the previous three months, and by 4.9 per cent year on year, although the property market remained a drag as real estate investment fell by 9.1 per cent in the first three quarters.

The latest projections were made after the Washington-based organisation completed its China stop under its Article IV Mission, which sends economists to member countries to monitor economic and financial policies and provide recommendations.

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