GUANGZHOU -- China's gross domestic product is expected to grow 5.2 percent in 2023 and 5 percent in 2024, according to a report released at the International Financial Forum on Saturday. The global growth is projected to slow further this year at 3.1 percent, 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 IFF 20th Anniversary and Annual Meeting held in Guangzhou, South China's Guangdong province.
The report said that the monetary tightening cycle in most countries is likely to end by 2024. However, monetary and financial tightening are likely to continue and further depress demand growth and slow the global recovery.
It therefore forecast the global economy to grow by 3.1 percent in 2024, with developed economies growing by 1.3 percent and developing economies by 4.3 percent.
The global community should work together to address both short-and-longer-term challenges. Countries should pursue international cooperation and multilateralism in dealing with common challenges, including reducing poverty, protecting environment and mitigating climate change, resolving cross-country conflicts and reducing geopolitical tensions, said the report.
The International Finance Forum is an independent, non-profit, non-governmental international organization founded in Beijing in October 2003, established by financial leaders from more than 20 countries and regions including China, the US, 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.