Strong consumption, exports spur IMF's brighter outlook for nation

The International Monetary Fund has raised its projections for China's economic growth this year to 5 percent and next year to 4.5 percent, while modestly lowering expectations for the United States and Japan.

In its July 2024 World Economic Outlook Update, which was released on Tuesday, the IMF also forecast tepid global growth at 3.2 percent, unchanged from its previous projection in April and down a tick from 3.3 percent in 2023.

Pierre-Olivier Gourinchas, the IMF's chief economist, said at a news briefing that the projections for China's growth in 2024 and 2025 have been revised upward respectively from the 4.6 percent and 4.1 percent forecast in its April outlook.