China expected to boost global growth

By News Desk

Beijing: China´s economy is expected to contribute a quarter of global growth this year, the International Monetary Fund said Friday, although uncertainty around Covid-19 and the property sector could stifle momentum.

After almost three years of stringent health restrictions, Beijing in December abruptly ended the zero-Covid policy that had battered the economy and provoked widespread protests.

The Asian giant posted growth of just three percent in 2022, hammered by stringent lockdowns and a deepening crisis in the key property sector.

In its report, the IMF commends China for its initial handling of the pandemic, but stresses that the factors that saw economic growth slow significantly in 2022 could hamper economic performance this year unless properly addressed.

"China´s economy is set to rebound this year as mobility and activity pick up after the lifting of pandemic restrictions, providing a boost to the global economy," the IMF said in an annual assessment of the Chinese economy. "That´s good news for China and the world as the Chinese economy is now expected to contribute a quarter of global growth this year," it said.