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China will continue to lead global growth in 2024 as economists forecast GDP expansion of 5%

China will continue to lead global growth in 2024 as economists forecast GDP expansion of 5%
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The world economic recovery is expected to remain slow and imbalanced in 2024, with China to continue to lead global growth, Global Times quoted a report as showing on Saturday.

Analysts said China's GDP growth is expected to reach about 5 percent this year, calling for stepped-up fiscal policy to further tap the potential of domestic demand.

"Global economic growth will still be highly reliant on Asian economies in 2024,"

said a report released at the World Finance Forum (WFF) held in Beijing on Saturday.

"The Chinese authorities may set an annual GDP growth target of about 5 percent for 2024 during this year's two sessions in March, with the actual growth rate expected to be above 5 percent,"

Feng Xingke, Secretary-General of the WFF, told Global Times.

Such a goal would serve as a strong signal to stabilize market expectations, maintain China's attractiveness to foreign capital, and let it continue to play a leading role in global economic growth, Feng said, noting that a good start in the first quarter of 2024 is important for achieving the goal.

In 2023, China's GDP reached 126 trillion yuan ($17.67 trillion), up 5.2 percent year-on-year, meeting the target of about 5 percent, according to data released by the National Bureau of Statistics on Wednesday.

News Source: Emirates News Agency

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Maryam Pervez

Written by Maryam Pervez

Maryam is the Managing Editor at HiDubai, bringing 8+ years of expertise in marketing, social media, and content development. She holds a Master's degree in Marketing Comms from Middlesex University.
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