With the same exclusion, China’s economy is on track to expand 4.6%
GUANGZHOU, China, Dec. 5, 2022 /PRNewswire/ — Global economy is to grow 2.8% in 2023 as the Chinese economy is expected to expand 4.6%, next year according to forecasts made by the International Finance Forum (IFF) 2022 Global Finance and Development Report released at the IFF 2022 Annual Meeting on Friday.
The report estimates Chinese economy will grow 3.3% in 2022.
Developed economies will grow 1.2% while developing countries will expand 3.9% next year, the report said.
Global inflation, the ongoing pandemic, and geopolitical tensions are the main reasons for global slowdown in 2022, said Prof. Song Min, IFF Academic Committee Member and Dean of the Economics and Management School at Wuhan University, leading author of the report.
The Chinese economy will rebound in late 2022 and early 2023 as the country adjusts its Covid control measures according to the report.
The report forecasts the global economy to remain weak in 2023 as monetary tightening in developed countries to rein in inflation will slow growth, which could further slow down economic growth in developing nations.
To boost growth, the IFF recommends a few policy measures including China’s adjusting its pandemic controls, moderate monetary policies by central banks, boosting domestic growth by developing nations and quickening of green transition and strengthening of international cooperation.
This is the second annual report by the IFF on the global economy. The report has two sections: the first part provides an analysis and outlook of the global economy while the second part offers an assessment of the global digital economy and insights into new growth momentum of global financial markets.
The International Finance Forum (IFF) is a non-profit, non-official independent international organization founded in October 2003 by leaders from China, the US, the EU and the other G20 countries, in concert with emerging economies and the leaders of multiple international organizations, including the UN, the World Bank and the IMF. Also known as the Finance 20 (F20), the IFF is also a high-level permanent dialogue mechanism and multilateral cooperation organization within the world of finance.
SOURCE International Finance Forum (IFF)