(PHOTO by Wang Jianhua) View of the Central Business District skyscrapers
GUANGZHOU, Oct. 28 (Xinhua) -- China's gross domestic product (GDP) is expected to grow 5.2 percent in 2023 and 5 percent in 2024, according to a report released Saturday at the International Finance Forum (IFF).
Global growth is expected to slow further to 3.1 percent this year and is likely to remain weak at the same level in 2024, according to the IFF 2023 Global Finance and Development Report released during the 20th anniversary and annual meeting of the IFF in Guangzhou, South China's Guangdong province.
The report states that the monetary tightening cycle in most countries is likely to end by 2024. However, monetary and financial tightening is likely to continue, further depressing demand growth and slowing the global recovery.
It therefore forecasts that the global economy will grow by 3.1 per cent in 2024, with developed economies growing by 1.3 per cent and developing economies by 4.3 per cent.
The global community should work together to address both short-term and long-term challenges. Countries should pursue international cooperation and multilateralism to address common challenges, including poverty reduction, environmental protection and climate change mitigation, conflict resolution between countries and reducing geopolitical tensions, the report said.
The International Finance Forum (IFF) is an independent, non-profit, non-governmental international organization founded in Beijing in October 2003 by financial leaders from more than 20 countries and regions, including China, the United States, the European Union, emerging countries, as well as leaders of international organizations such as the United Nations, the World Bank, and the International Monetary Fund.
(Xinhua/USA)
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