IMF keeps China’s 2024 GDP growth estimate unchanged on ‘troubled property sector’
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The International Monetary Fund (IMF) has kept its estimate for China's 2024 GDP growth unchanged at 4.6%, below Beijing's target of 5%. The IMF cited concerns over the enduring property market slump as the reason for maintaining its forecast. It warned that without a comprehensive response to the troubled property sector, China's growth could falter, hurting trading partners and potentially leading to a drop in real estate investment, reduced housing demand, and weakening household confidence and spending. The IMF also raised its forecast for the US GDP growth this year to 2.7% and India's GDP growth forecast to 6.8%. The IMF maintained its 4.1% economic growth forecast for China in 2025. China's property market has been facing challenges since 2020 due to the pandemic and tightened financing policies, leading to defaults and a decline in property investment.
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