IMF Predicts Slower Economic Growth for China and the US in 2024

Economics & Macro

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Adi Ahdiat 11/10/2023 15:00 WIB

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China and the US are Indonesia's largest non-oil and gas export destinations. However, the IMF projects that the economies of both countries will slow down in 2024.

IMF Projections of China and US Economic Growth (2023-2024)*

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IMF Predicts Slower Economic Growth for China and the US in 2024

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IMF Projections of China and US Economic Growth (2023-2024)*

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China and the United States (US) are Indonesia's largest non-oil and gas export destinations.

However, according to the International Monetary Fund (IMF), the economic growth of these two countries is projected to decline next year.

In its October 2023 World Economic Outlook (WEO) report, the IMF projects that China's economic growth will slow from 5% in 2023 to 4.2% in 2024.

The IMF attributes this slowdown to the crisis in the property sector, particularly the debt crisis of Country Garden.

"Country Garden, the largest property company and a major recipient of government support in China, is facing severe liquidity pressures," the IMF said in its report.

"Property developers in China are facing funding problems, preventing them from completing contracts for presold homes. This is eroding buyer confidence and prolonging the weakening of China's property sector," it continued.

"Meanwhile, real estate investment and housing prices in China continue to decline, reducing government revenue from land sales and threatening their already fragile government finances," the IMF added.

Simultaneously, the IMF projects that US economic growth will slow from 2.1% in 2023 to 1.5% in 2024.

"With slowing wage growth, the near exhaustion of pandemic-era savings accumulation, and the Fed's tight monetary policy, US economic growth is expected to slow starting in the second half of 2023 and continue into 2024," said the IMF.

"The US unemployment rate is expected to rise from 3.6% in Q2 2023 to 4.0% in the last quarter of 2024," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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IMF Predicts Slower Economic Growth for China and the US in 2024

IMF Predicts Slower Economic Growth for China and the US in 2024

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