China to account for one-third of global economic growth in 2023, says IMC chief

Beijing: China is projected to give a significant boost to the world economy, accounting for about a third of global growth in 2023, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said on Sunday.

“The robust rebound means China is set to account for around one third of global growth in 2023, giving a welcome lift to the world economy,” Georgieva said at the 2023 China Development Forum here.

The IMF analysis has shown that a one percentage point increase in China’s gross domestic product (GDP) growth leads to a 0.3 percentage point GDP growth of other Asian economies on average, Georgieva said, dubbing this “a welcome boost.”

China’s GDP is expected to reach five percent this year, according to the country’s social and economic development plan. Meanwhile, some experts have more optimistic views on China’s economic growth. Chen Fengying, the former director of the Institute of World Economic Studies in the China Institutes of Contemporary International Relations, has told Sputnik that the country’s GDP may grow by six percent in 2023, but Beijing has chosen not to put this ambitious goal in the plan, since last year’s growth rate was below the official forecast of 5.5 percent.

China’s GDP growth rate amounted to 3 percent in 2022 year-on-year as a result of multiple COVID-19 outbreaks and turbulent global landscape. The country’s GDP in 2022 was 121.02 trillion yuan ($17.95 trillion).