The International Monetary Fund (IMF) downgraded its 2023 and 2024 growth forecasts for China, saying its recovery was 'losing steam' and citing weakness in its property sector.
A person rides a scooter past a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File PhotoSINGAPORE, Oct 18 - The International Monetary Fund downgraded its 2023 and 2024 growth forecasts for China, saying its recovery was "losing steam" and citing weakness in its property sector.
The report projected that a prolonged housing market correction in China would in the near-term "trigger greater financial stress among property developers and larger asset quality deterioration". The agency maintained its earlier growth projection for the region at 4.6% in 2023 and said economic activity in the region was on track to contribute around two-thirds of global growth this year.
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