IMF says China property slowdown will weigh on Asia's growth
© Reuters. FILE PHOTO: A person rides a scooter past a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File PhotoSINGAPORE - The International Monetary Fund downgraded its 2023 and 2024 growth forecasts for China, saying its recovery was"losing steam" and citing weakness in its property sector.
The report projected that a prolonged housing market correction in China would in the near-term"trigger greater financial stress among property developers and larger asset quality deterioration". The agency maintained its earlier growth projection for the region at 4.6% in 2023 and said economic activity in the region was on track to contribute around two-thirds of global growth this year.
"This puts Asia ahead of the rest of the world, which, in general, will not see inflation returning to target until at least 2025," it said.
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