IMF's upward revision of China's economic growth positive for global economic recovery, says former Pakistani minister

ISLAMABAD - The International Monetary Fund's (IMF) upward revision of China's economic growth prospects in 2024 is a good signal for global economic recovery, a former Pakistani minister has said.

In its latest forecast, the IMF has further raised China's growth in the current year to 4.6 percent, up 0.4 percentage points from its previous projection.

"In a large economy like China, even a small percentage point matters. So this upward revision from a global financial institution is a very welcoming thing for the global markets," Haroon Sharif, former minister of state for investment of Pakistan, said in a recent interview with Xinhua.

Sharif, a renowned economist, highlighted that China has carried out several fiscal and financial measures over the past year, which gave confidence to international organizations and observers regarding its economic recovery.

This upward trajectory has also given confidence to China's economic partners that it will continue to help in terms of trade, investment, innovation, and, more critically, economic reforms, he added.

As a responsible economy, China's role in achieving a balanced and sustainable revival of the global economy has become pivotal, the economist said.

He said that major uncertainties exist in today's world, noting that global economies have not completely recovered from the shocks of the pandemic and recession, while other economies have become debt-stressed and their fiscal space shrank.

He said the Chinese economy is very resilient and the country remains a leader in global productivity, adding that it shows that despite global challenges, China has continued making progress.

Not only has China developed, but it has also launched initiatives like the Global Development Initiative and Global Security Initiative, Sharif added.