Stock market meltdown a ‘sideshow,’ says IMF
Print Edition
The International Monetary Fund said yesterday that there was no reason to lose faith in China’s economy because of the bursting stock market bubble.
IMF chief economist Olivier Blanchard said the 30 percent meltdown in the Shanghai and Shenzhen markets since mid-June is “very much a sideshow” to the greater economy and would not undermine growth overall.
“There is no particular reason to have lost confidence,” because of meltdown, he said at a press conference.
The spillover of the market rout into the economy is “likely to be small,” he said, as the IMF reiterated its forecast for 6.8 percent growth.
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