NextGen Day

According to the managing director of the International Monetary Fund, China is expected to contribute significantly to global growth in 2023, making up nearly a third of it.

At the 2023 China Development Forum in Beijing, Kristalina Georgieva remarked, “The robust rebound means China is set to account for around one-third of global growth in 2023 – giving a welcome lift to the world economy.”

A 1% point rise in GDP growth in China will result in a 0.3% point boost in growth in other Asian nations, according to the IMF estimate, she said.

Despite the extremely high level of uncertainty, she said that there are some “green shoots,” particularly in China, suggesting that the news of the global economy is not all terrible.

With such a strong recovery, she continued, “China can now capitalize on the positive trend and, through comprehensive policies, stay on the growth path towards convergence with advanced economies.”

According to IMF research, China’s real GDP might increase by up to 2.5 percent by 2027 and by almost 18 percent by 2037 if productivity-enhancing measures are implemented; this would represent growth that is both higher quality and more inclusive.

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