The International Monetary Fund (IMF) just upgraded its 2024 economic growth forecast for China to 5%, up from 4.6% in April—and it’s all about that domestic hustle. A surge in consumer spending and tech-driven exports powered the first-quarter glow-up, according to the IMF’s latest World Economic Outlook.
\"Resurgent domestic consumption and a temporary export boost reconnected China with global demand trends,\" the report noted, highlighting the country’s role as a key engine for worldwide growth. Meanwhile, the IMF kept its global 2024 forecast steady at 3.2%, with Asia’s emerging markets leading the charge.
India and China together account for nearly half of global growth this year, wrote IMF Chief Economist Pierre-Olivier Gourinchas in a blog post. Tech exports from Asia are also reviving trade flows, adding momentum to the \"post-pandemic rebound era.\"
The updated China forecast was announced in late May by IMF Deputy Head Gita Gopinath during a briefing in Beijing. Analysts say the revision signals confidence in the Chinese mainland’s economic resilience—good news for entrepreneurs and investors eyeing Asia’s opportunities.
. A surge in consumer spending and tech-driven exports powered the first-quarter glow-up, according to the IMF’s latest World Economic Outlook.
\"Resurgent domestic consumption and a temporary export boost reconnected China with global demand trends,\" the report noted, highlighting the country’s role as a key engine for worldwide growth. Meanwhile, the IMF kept its global 2024 forecast steady at 3.2%, with Asia’s emerging markets leading the charge.
Tech exports from Asia are also reviving trade flows, adding momentum to the \"post-pandemic rebound era.\"
IMF Report…
