Georgia: IMF China’s growth ‘slows down significantly’

Washington: China plays an important role in the global economy as it recovers Covid-19But its growth is slowing, IMF Managing Director Kristalina Georgieva Said on Monday.
The head of the Washington-based emergency lender held a virtual meeting with the Chinese premier. Li Keqiang And discussed issues ranging from inflation to epidemics to recovery, according to a statement issued by the IMF.
“China has indeed made significant gains, but its growth has been slowing significantly. As China is an important engine for global growth, taking strong steps to support high-quality growth will help not only China but the world,” Georgieva said. Said.
In October, the IMF cut its growth forecast for China due to a sharp pullback in public spending, forecasting an 8 percent expansion this year and 5.6 percent growth in 2022.
While the 2021 figure is Beijing’s strongest growth rate since 2011, analysts warn that China is facing painful consequences due to the weakness of real estate and the shock of rising coal prices and shortages.
Georgieva added that Beijing has made a “significant contribution” to expanding the reach of the vaccine so that the world can achieve the IMF’s goal of acquitting 40 percent of every country’s population against COVID-19 by the end of this year and 70 percent by the middle of next year. .
With China embroiled in an ongoing dispute with the United States, Georgia said countries need to “cooperate to reduce trade tensions and strengthen the multilateral trading system, which is the main engine for growth and jobs.”
The IMF is pushing the G20 group of the world’s richest nations, including China, to expand and improve its debt relief initiatives, warning last week that many countries are facing a dire crisis without help.
The group’s Debt Service Suspension Initiative (DSSI) expires at the end of the year, and Georgieva said it “welcomes continued engagement with China” on the G20’s common framework, which continues some relief.


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