IMF "China to Grow 4.4% Next Year if Zero-COVID Policy Ends"

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Seoyul] The International Monetary Fund (IMF) predicted that if China lifts its 'Zero COVID' policy in the second half of next year, its economic growth rate will be 4.4% in 2024.

On the 23rd (local time), the IMF task force led by Sonali Jain Chandra, the IMF's China director, made this forecast in a press release published on its website.

In the report, the IMF team mentioned China's real estate regulations and frequent lockdowns due to the Zero COVID policy, stating, "Assuming the Zero COVID policy is gradually lifted in the second half of next year, China's growth rate is expected to be 3.2% this year and rise to 4.4% in 2023 and 2024."

The day before, the Organisation for Economic Co-operation and Development (OECD) projected China's economic growth rates at 3.3% for this year and 4.6% for next year.

With both the OECD and IMF expecting China's growth rate to be in the 3% range, it appears unlikely that the Chinese government will achieve its growth target of "around 5.5%" set at the National People's Congress in March this year.

This content was produced with the assistance of AI translation services.