Chief Representative of the IMF in China: China is still the largest engine of global economic growth – Scroll – China Engineering Network

2023-10-15 05:48:00

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IMF chief representative in China: China remains the largest engine of global economic growth

China News Service, October 14 (China News Gong Hongyu) “This year and next, the world economy is expected to grow by 3% and 2.9% respectively. China is still the largest engine of global economic growth, contributing one-third of global growth. .” Steven Barnett, Chief Representative of the IMF in China, said at the recent press conference of the 2023 International Monetary Fund (IMF) World Economic Outlook Report.

The conference site.Photo by Gong Hongyu

The latest “World Economic Outlook Report” shows that global economic growth will slow down from 3.5% in 2022 to 3% this year and 2.9% in 2024. Compared with the IMF’s forecast for 2024 in July, it has been revised down by 0.1 percentage points. percentage points, still well below its historical average. In addition, overall inflation continues to slow, with year-on-year growth expected to fall from 9.2% in 2022 to 5.9% this year and 4.8% in 2024.

Silvia Albrizio, an economist at the IMF Research Department, said in interpreting the report that the inflation rates of many economies around the world except China will reach highs in decades in 2022, especially the core inflation rate; while China’s core inflation rate will basically remain is 0%. According to IMF forecasts, it will be difficult for most countries to return to their inflation targets in 2025.

Steven Barnett said that the world’s mid- to long-term economic growth is generally weak. The most important factor is the decline and slowdown of total factor productivity, and more structural reforms are needed to boost economic growth. In this context, he emphasized that trade has always been an important engine of global economic growth, and trade frictions and decoupling should be reduced, the WTO dispute settlement mechanism should be paid attention to, and climate issues should be paid attention to.

According to reports, this press conference was hosted by the International Monetary Fund Representative Office in China, the International Monetary Institute (IMI) of Renmin University of China, and co-organized by the Forum for International Financial and Industrial Cooperation (IFIC).

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