China’s economy to grow 5.2% in 2023, IFF says

China’s GDP (gross domestic product) is predicted to rise 5.2% in 2023 and 5% in 2024, according to the International Financial Forum (IFF) report.

According to the IFF 2023 Global Finance and Development Report, which was presented during the IFF 20th Anniversary and Annual Meeting in Guangzhou, south China’s Guangdong Province, global growth is expected to fall further this year to 3.1% and to stay sluggish at the same level in 2024.

The monetary tightening cycle in most nations will likely stop by 2024. Monetary and financial tightening, on the other hand, is expected to persist, depressing demand growth and slowing the global recovery, according to the report.

As a result, it forecasts global economic growth of 3.1% in 2024, with developed economies increasing at 1.3% and emerging economies rising at 4.3%.

The international community should collaborate to handle both short-term and long-term concerns. According to the research, countries should promote international cooperation and multilateralism in dealing with common concerns such as poverty reduction, environmental protection and climate change mitigation, settling cross-country conflicts, and decreasing geopolitical tensions.