China to See Economic Growth Pick Up in 2023

By Garvit Vyas , 10 May, 2023

The growth forecast for the world economy by the international monetary fund has cut by 0.1 percentage points in 2023. According to the reports published by the World Economic Outlook, the IMF expects the global gross domestic product to grow further by 2.8 percent in 2023, down from 2.9 percent of January forecast.

The report also finds, the signs that world economy expected to achieve a smooth landing that is inflation coming down and steady growth have ebbed away amid stubbornly high inflation and recent financial sector turmoil. The factors leading to upward prices are sticky as inflation has come down. The negative side effects of the rapid rise in the policy interest rates has also come into focus mostly in the banking sector.

According to the reports, there are also other problems weighing down the global economy in 2022. Like high debt levels and rising geopolitics that has also carried over into 2023 results in the continued uncertainty and silent growth. The lifting up of the pandemic restrictions in China has further led to the rebound in the economic activity there led to major positive exception giving a necessary boost to the global progress. All these will help to ease out the constraints that has plagued the global economy. The reports also says the advanced economies like countries across Europe are supposed to see substantial economic slowdown in 2023.

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Garvit Vyas

Analyst