IMF raises China’s 2023 and 2024 growth forecasts

Dhwani Mehta FXStreet

In its latest report published on Tuesday, the International Monetary Fund (IMF) upgraded its gross domestic product (GDP) growth forecasts for China to 5.4% in 2023 and 4.6% in 2024.

This came in contrast with October’s outlook when the IMF revised down 2023 and 2024 China’s growth forecasts for China to 5.0% and 4.2%, respectively.

Market reaction

The upward revision to the Chinese growth forecasts fails to lift the sentiment around the Australian Dollar, as the AUD/USD pair remains heavily sold-off into the Reserve Bank of Australia’s (RBA) surprisingly dovish language in the policy statement. The pair is down 1.02% on the day, currently trading at 0.6415.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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