IMF forecasts Chinese growth of 10%
Source: Agencies |
April 22, 2010, Thursday
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Print Edition
Print Edition
POWERED by strong domestic demand, China's economy is expected to grow by 10 percent in 2010, the International Monetary Fund said yesterday.
"In China, GDP growth exceeded the government's 8 percent target in 2009 and is expected to be close to 10 percent in both 2010 and 2011. What has been so far mainly a publicly driven growth path, built on infrastructure investment, is expected to turn toward stronger private consumption and investment," the IMF said in its latest World Economic Outlook report.
"Boosting domestic consumption will be a priority in China, through improved access to finance for small enterprises and households and stronger corporate governance and social safety nets to reduce precautionary saving."
The IMF said the global economy, after enduring a crippling recession, should see better-than-expected growth this year, led by strength in China and other developing nations.
The world economy would expand 4.2 percent this year, a 0.3 percentage point increase from its January forecast and a sharp improvement from 2009 when global output fell by 0.6 percent, the worst performance since World War II.
However, the international lending agency warned that the recovery still remained vulnerable with the biggest threat likely to come from a surge in government debt burdens.
"The outlook for activity remains unusually uncertain," the IMF said. "Although a variety of risks have receded, downside risks related to the growth of public debt in advanced economies have become sharply more evident."
For 2011, the IMF projected global growth of 4.3 percent, no change from its January outlook.
The IMF expects wide disparities between regions, with the United States outperforming Europe and Japan but lagging behind China and other developing nations.
For the US, the IMF expects growth of 3.1 percent this year, after a 2.4 percent plunge in US gross domestic product in 2009, the biggest decline since 1946.
"In China, GDP growth exceeded the government's 8 percent target in 2009 and is expected to be close to 10 percent in both 2010 and 2011. What has been so far mainly a publicly driven growth path, built on infrastructure investment, is expected to turn toward stronger private consumption and investment," the IMF said in its latest World Economic Outlook report.
"Boosting domestic consumption will be a priority in China, through improved access to finance for small enterprises and households and stronger corporate governance and social safety nets to reduce precautionary saving."
The IMF said the global economy, after enduring a crippling recession, should see better-than-expected growth this year, led by strength in China and other developing nations.
The world economy would expand 4.2 percent this year, a 0.3 percentage point increase from its January forecast and a sharp improvement from 2009 when global output fell by 0.6 percent, the worst performance since World War II.
However, the international lending agency warned that the recovery still remained vulnerable with the biggest threat likely to come from a surge in government debt burdens.
"The outlook for activity remains unusually uncertain," the IMF said. "Although a variety of risks have receded, downside risks related to the growth of public debt in advanced economies have become sharply more evident."
For 2011, the IMF projected global growth of 4.3 percent, no change from its January outlook.
The IMF expects wide disparities between regions, with the United States outperforming Europe and Japan but lagging behind China and other developing nations.
For the US, the IMF expects growth of 3.1 percent this year, after a 2.4 percent plunge in US gross domestic product in 2009, the biggest decline since 1946.
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