China's 2024 economic growth exceeds expectations, IMF reveals
Pierre-Olivier Gourinchas, chief economist of the International Monetary Fund, during a meeting with the media on Friday, emphasised that the 5% GDP growth of the Chinese economy in 2024 was a "positive surprise." This exceeded the earlier IMF forecasts.
China has an expected economic growth rate of 4.6% in 2025, and the forecast for 2026 is 4.5%, attributed to the implementation of certain fiscal reforms. However, as Gourinchas points out, they are insufficient.
China grew faster in 2024 than anticipated
The IMF's chief economist highlighted the importance of internal demand as an additional growth stimulus. He argued that an economy as large as China's cannot rely solely on exports.
Gourinchas also indicated that the global implications of a slowdown in Chinese growth would be dangerous, especially for developing countries. The IMF forecasts the stabilisation of China's economic growth at 4.5%, provided that international and domestic challenges facing China are resolved.
As reported by Reuters, in September of last year, Beijing approved a plan to raise the retirement age from 60 to 63 for men, from 55 to 58 for women working in offices, and from 50 to 55 for women performing physical labour.
