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The International Monetary Fund said China could boost its economy despite headwinds thanks to its ample room for monetary and fiscal policy maneuvers.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva said China's growth continues to be positive and added that it had slowed mainly due to disruptions caused by COVID-19 closures.
The official made these remarks on the occasion of a virtual press conference held on the occasion of the IMF-World Bank 2022 Spring Meetings, where she also referred to the ongoing conflict in Ukraine, saying that it has triggered a massive blow to the global economy.
According to the IMF's latest World Economic Outlook (WEO) report, released on Tuesday, the entity cut the global growth forecast for 2022 by 0.8 percentage points to 3.6 percent in the middle of the conflict between Russia and Ukraine.
The report also revealed that the Chinese economy is expected to grow by 4.4 percent this year, down 0.4 percentage points from the previous projection, with 5.1 percent growth expected in 2023.
US economy have performed quite well compared to EU and Japan since 1980s, but China's pace is at another level. According to IMF, China's GDP will reach 19.91 Trillions in 2022，larger than EU. source:https://t.co/TRqSRhlCcVpic.twitter.com/9zY2ADpeov
Data from China's National Bureau of Statistics released Monday showed the country's GDP grew 4.8 percent year-on-year in the first quarter.
The IMF Managing Director said that the benefits of cooperation and an integrated global economy are significant, as global GDP has tripled since 1990 and poverty has been reduced from 2 billion to 650 million.
Georgieva called upon policymakers to address the deficiencies of past globalization, including the unequal distribution of the growth benefits, saying that "If we want to protect the gains of cooperation, we have to make sure that these gains are visible."