BEIJING, Jan 15 (Reuters): China's economic growth is likely to slow to 4.6 per cent in 2024, and cool further to 4.5 per cent in 2025, a Reuters poll showed, raising the heat on policymakers to roll out more stimulus measures amid deflationary pressures and a severe property slump.
Gross domestic product (GDP) likely grew 5.2 per cent in 2023 - meeting the government's annual growth target, partly helped by the previous year's low-base effect which was marked by Covid-19 lockdowns, according to the median forecasts of 58 economists polled by Reuters. But the world's second-largest economy has struggled to mount a strong and sustainable post-Covid pandemic bounce, burdened by the protracted property crisis, weak consumer and business confidence, mounting local government debts, and weak global growth. Recent data suggested the economy was starting 2024 on shaky footing, with persistent deflationary pressures and a slight pick-up in exports unlikely to kindle a quick turnaround in weak domestic activity.
December bank lending was also weak.
"China's economic outlook for 2024 will be shaped by the prospects of the real estate sector," analysts at Swiss Life Asset Management said in a research note.
China growth seen slowing to 4.6pc
FE Team | Published: January 15, 2024 23:15:16
China growth seen slowing to 4.6pc
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