Monday, July 22, 2024
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The IMF is raising its growth forecast for Asia this year based on prospects for China and India

The International Monetary Fund raised its growth forecasts for Asia this year, reflecting a rosier outlook for the region’s two largest economies and a possible upward revision to its outlook for China.

The Asian economy is expected to grow 4.5% in 2024 from the previous year, according to Tuesday’s IMF report. This is 0.3 percentage points higher than the October outlook for the region, but a slowdown from last year’s 5% pace.

The latest data takes into account India’s higher forecast released earlier this month and China’s pace, based on expectations that government stimulus will boost growth. On China, the IMF said growth in the first quarter was stronger than expected, thanks to robust exports and industrial demand, which could lead to another upward revision.

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