STORY: IMF raises China's 2024 economic growth forecast to 5 pct
SHOOTING TIME: July 16, 2024
DATELINE: July 17, 2024
LENGTH: 00:00:57
LOCATION: Washington D.C.
CATEGORY: ECONOMY

SHOTLIST:
1. SOUNDBITE (English): PIERRE-OLIVIER GOURINCHAS, IMF chief economist

STORYLINE:

The International Monetary Fund (IMF) on Tuesday revised China's 2024 economic growth up to 5 percent in an update to its World Economic Outlook (WEO), from the 4.6-percent forecast in April.

The revision is primarily attributed to a rebound in private consumption and strong exports in the first quarter, according to the update.

"In China, resurgent domestic consumption propelled the positive upside in the first quarter, aided by what looked to be a temporary surge in exports belatedly reconnecting with last year's rise in global demand," it said.

The IMF maintained its forecast for global growth in 2024 at 3.2 percent, noting that Asia's emerging market economies remain the main engine for the global economy.

SOUNDBITE (English): PIERRE-OLIVIER GOURINCHAS, IMF Chief Economist
"The global growth remained steady at 3.2 percent this year, unchanged from our April World Economic Outlook, and slightly higher at 3.3 percent next year. Asia's emerging market economies remain the main engine for the global economy. Growth in India and China is revised upwards and accounts for almost half of global growth. There could be bumps on the disinflation path in advanced economies. This could force central banks, including the Federal Reserve to keep borrowing costs higher for even longer. That will put overall growth at risk, with increased upward pressure on the dollar and harmful spillovers to emerging and developing economies. It is concerning that the United States while at full employment, maintains a fiscal stance that pushes its debt to GDP Ratio steadily higher, increasingly relying on short-term funding, with risks to both the domestic and global economy."

Xinhua News Agency correspondents reporting from Washington D.C.
(XHTV)