IMF upgrades China's 2024, 2025 GDP growth forecasts but warns of risks ahead

The International Monetary Fund says China's economy is set to grow 5% this year, after a strong first quarter, upgrading its earlier forecast of 4.6% expansion.

The IMF says it has revised up both its 2024 and 2025 GDP targets by 0.4 percentage points but warned that growth in China would slow to 3.3% by 2029 due to an ageing population and slower expansion in productivity.

The global lender's new projections come as Beijing steps up efforts to shore up an uneven recovery in the world's second-biggest economy, which has stumbled in the face of a protracted property crisis and its ripple effects across investors, consumers, and businesses.

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