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IMF upgrades Asia’s 2024 growth forecast

The International Monetary Fund (IMF) forecasts that emerging Asian economies will grow by 5.2% in 2024, a slight decrease from 5.4% in 2023 but an improvement from previous estimates due to unexpected growth in China. China’s economy is expected to expand by 4.6% this year, up 0.4 percentage points, thanks to increased government spending. However, risks remain if fiscal tightening occurs or if the property sector doesn’t see reforms. India’s growth is consistently strong, projected at 6.5% for both 2024 and 2025, buoyed by domestic demand. In contrast, Japan’s growth is expected to slow to 0.9% in 2024 from 1.9% due to fading pent-up demand post-pandemic. The IMF’s report highlights the potential for regional growth amidst challenges, particularly in China’s property sector.


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