GROWTH projections for China's economy for both 2023 and 2024 were downgraded by the International Monetary Fund (IMF) as the real estate crisis and weak consumer and business confidence pose 'significant risks' for a global economy, reports Nikkei Asia.
'The likelihood of a hard landing has receded, but the balance of risks to global growth remains tilted to the downside. China's property sector crisis could deepen, with global spillovers, particularly for commodity exporters,' the imf wrote in the fall edition of its biannual World Economic Outlook.
India is seen continuing to lead all major economies growing at 6.3 per cent this year - a 0.2 per cent upward revision reflecting better-than-expected consumption earlier in the year.
The outlook projects China's economy will grow five per cent this year and 4.2 per cent in 2024, a cut of 0.1 per cent and 0.2 per cent, respectively, from a previous forecast in July. 'Commodity exporters and countries that are part of the Asian industrial supply chain are the most exposed to China's loss of momentum,' the report said.
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'The likelihood of a hard landing has receded, but the balance of risks to global growth remains tilted to the downside. China's property sector crisis could deepen, with global spillovers, particularly for commodity exporters,' the imf wrote in the fall edition of its biannual World Economic Outlook.
India is seen continuing to lead all major economies growing at 6.3 per cent this year - a 0.2 per cent upward revision reflecting better-than-expected consumption earlier in the year.
The outlook projects China's economy will grow five per cent this year and 4.2 per cent in 2024, a cut of 0.1 per cent and 0.2 per cent, respectively, from a previous forecast in July. 'Commodity exporters and countries that are part of the Asian industrial supply chain are the most exposed to China's loss of momentum,' the report said.
SeaNews Turkey