BEIJING, Jul. 20 (China Daily) – The International Monetary Fund (IMF) raised its forecasts for China's economic growth to 5% this year and 4.5% next year, according to its July 2024 World Economic Outlook (WEO) Update released on July 16.

The report projected global economic growth to remain at 3.2%. Pierre-Olivier Gourinchas, the IMF's chief economist, said that the forecast for China had risen from 4.6% for 2024 and 4.1% for 2025 compared with the April outlook.

"This revision was in part based on stronger consumption numbers in the first quarter of the year, stronger exports also, and that led us to that revision," he said.

Overall, the outlook raised the growth forecast for emerging markets and developing economies in 2024 to 4.3%. "Global activity and world trade firmed up at the turn of the year, with trade spurred by strong exports from Asia," said the report.

Besides, the IMF lowered expectations for the US and Japan, due to a "slower-than-expected start to the year".

Photo from Global Times