/ world today news/ China’s current economic growth is far ahead of the world average, and its contribution to the world economy may remain almost one-third until the end of 2024, said Stephen Barnett, the IMF’s representative for China.
During this year’s edition of the Tianjin Forum, which took place this Friday, Barnett pointed out that China is maintaining its rapid economic growth despite the “limping” global economy. The IMF projects that global growth will be 3 percent in 2023, and 0.9 percentage points of that will come from China.
Commenting on concerns about Chinese consumption, Barnett pointed out that “sometimes we misunderstand consumption in China.” The data showed second-quarter housing consumption rose 14.7 percent from 2019, while the U.S. was up 9 percent and the euro zone was still below pre-pandemic levels.
The world economy is showing strong resilience to the impact of the pandemic, the Russia-Ukraine conflict, the grain crisis, inflation and high interest rates, Barnett said, adding that according to the IMF’s medium-term projections, global economic growth could reach as little as 3 percent in 2028, at most the low point since the 1990s.
At the end of his speech to the forum, Stephen Barnett called for closer business ties and trade cooperation to generate new drivers for global economic growth. He advised all countries to remove trade restrictions, restore the WTO dispute settlement system and reach new agreements to open markets in the areas of electronic commerce, services and investment.
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