With the same exclusion, China's economy is on track to expand
4.6%
GUANGZHOU, China, Dec. 4, 2022 /PRNewswire/ -- Global economy is to
grow 2.8% in 2023 as the Chinese economy is expected to expand
4.6%, next year according to forecasts made by the International
Finance Forum (IFF) 2022 Global Finance and Development Report
released at the IFF 2022 Annual Meeting on Friday.
The report estimates Chinese economy will grow 3.3% in 2022.
Developed economies will grow 1.2% while developing countries
will expand 3.9% next year, the report said.
Global inflation, the ongoing pandemic, and geopolitical
tensions are the main reasons for global slowdown in 2022, said
Prof. Song Min, IFF Academic
Committee Member and Dean of the Economics and Management School at
Wuhan University, leading author
of the report.
The Chinese economy will rebound in late 2022 and early
2023 as the country adjusts its Covid control measures according to
the report.
The report forecasts the global economy to remain weak in 2023
as monetary tightening in developed countries to rein in inflation
will slow growth, which could further slow down economic growth in
developing nations.
To boost growth, the IFF recommends a few policy measures
including China's adjusting its
pandemic controls, moderate monetary policies by central banks,
boosting domestic growth by developing nations and quickening of
green transition and strengthening of international
cooperation.
This is the second annual report by the IFF on the global
economy. The report has two sections: the first part provides an
analysis and outlook of the global economy while the second part
offers an assessment of the global digital economy and insights
into new growth momentum of global financial markets.
About International Finance Forum
(IFF)
The International Finance Forum (IFF) is a non-profit,
non-official independent international organization founded in
October 2003 by leaders from
China, the US, the EU and the
other G20 countries, in concert with emerging economies and the
leaders of multiple international organizations, including the UN,
the World Bank and the IMF. Also known as the Finance 20 (F20), the
IFF is also a high-level permanent dialogue mechanism and
multilateral cooperation organization within the world of
finance.
View original
content:https://www.prnewswire.co.uk/news-releases/iff-2022-global-finance-and-development-report-global-economy-expected-to-grow-2-8-in-2023-excluding-impact-of-pandemic-301694117.html