China's 2024 growth surpasses IMF expectations by 5%
Pierre-Olivier Gourinchas, chief economist of the International Monetary Fund, during a Friday meeting with the media, emphasized 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 certain fiscal reforms. However, as Gourinchas points out, these measures 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 could be dangerous, especially for developing countries. The IMF forecasts stabilization of China's economic growth at 4.5%, provided that the international and domestic challenges facing the country are resolved.
As reported by Reuters, in September of the previous 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.
