IMF says China property slowdown will weigh on Asia’s growth

The International Monetary Fund (IMF) has downgraded its growth forecasts for China in 2023 and 2024, citing a weakening property sector. China’s economy is now expected to expand by 5% this year and 4.2% next year, down from previous projections of 5.2% and 4.5%. The IMF warned that a prolonged housing market correction could lead to greater financial stress and a decline in China’s GDP.