IMF Updates China’s GDP Forecast November 2023

In its latest report released on November 7, 2023, the International Monetary Fund (IMF) has increased its projections for China's gross domestic product (GDP) growth rate to 5.4 per cent in 2023, and 4.6 per cent in 2024.

These revised figures mark an upward adjustment from the previously published percentages of 5 per cent and 4.2 per cent, which were featured in the IMF's "World Economic Outlook" report released in October.

Following the release of China's economic data for the first three quarters, with third-quarter performance surpassing market expectations, a number of international financial institutions have expressed optimism on China's growth outlook for 2023.

While government authorities have implemented a variety of measures to bolster the economy, additional policies are required to maintain a more sustainable recovery, with special focus regarding to the real estate sector and the external demand.

To meet its annual growth target of 5 per cent, China needs a GDP growth of 4.4 per cent year on year in the fourth quarter of 2023.