**China’s economic growth momentum is expected to slow in 2023 due to a confluence of factors, including the Omicron outbreak, global economic headwinds, and a property market downturn, according to the head of the International Monetary Fund (IMF).**.
Kristalina Georgieva, the IMF’s managing director, said in an interview with Japanese news agency Nikkei Asia published on Friday that China’s growth is likely to moderate to 4.4% in 2023, down from the IMF’s previous forecast of 4.8%..
Georgieva said that the Omicron outbreak in China, which led to lockdowns and travel restrictions, has disrupted economic activity and supply chains. She also noted that the global economic slowdown, particularly in the United States and Europe, is weighing on China’s exports..
In addition, the ongoing crisis in China’s property market, which has led to a sharp decline in construction activity and a slowdown in investment, is also contributing to the slowdown in economic growth..
Georgieva said that the IMF is urging China to implement supportive policies to help mitigate the impact of these headwinds. These policies could include fiscal stimulus, monetary easing, and structural reforms to boost productivity and innovation..
The IMF’s latest forecast is in line with other recent estimates. In January, the World Bank lowered its growth forecast for China in 2023 to 4.3%, down from its previous estimate of 5.1%..
The Chinese government has set a growth target of .
