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China forecast to account for one-third of global growth this year


China is expected to make a significant contribution to the global economy, accounting for approximately one-third of global growth in 2023, according to Kristalina Georgiva, the managing director of the International Monetary Fund. At the 2023 China Development Forum in Beijing, Georgieva suggests that an increase of 1% in China's GDP growth would result in a 0.3% increase in growth for other Asian economies. Despite the fact that uncertainties remain high, Georgieva believes that the news regarding the world economy is not all bad, as there are some green shoots, particularly in China. Furthermore, the IMF's research indicates that productivity-enhancing reforms in China could result in a real GDP increase of up to 2.5% by 2027 and up to 18% by 2037, contributing to higher-quality and more inclusive growth.

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