Here's how much economists expect China's GDP to grow this year (2024)

FAQs

Here's how much economists expect China's GDP to grow this year? ›

Now that China has ended its stringent Covid controls, the economy could return to growth of more than 5%. China's latest factory data marked the highest reading in nearly eleven years, indicating further recovery ahead. Beijing set an ambitious target of around 5.5% growth for 2022.

China set a growth target of “around 5%” for 2024, according to the “Government Work Report” released Tuesday. The targets for GDP and other economic indicators were published as part of the opening of the National People's Congress annual meeting.

For the year, China has set a growth target of about 5 percent, a goal that many economists had viewed as ambitious, although some have recently upgraded their forecasts.

From 2024 through 2028, GDP will increase at an average annual rate of 2.4% per year, 0.6 percentage points higher than the baseline forecast. This scenario also results in higher long-term potential for the economy at 2.3%, compared to 1.5% in the baseline.

China's GDP grew by 5.3% in 1st quarter of 2024 amid continued crisis in property sector. The government is aiming for economic growth of around 5.0% for 2024, a target that many analysts believe is ambitious and may require more stimulus.

China gdp for 2022 was $17,963.17B, a 0.8% increase from 2021. China gdp for 2021 was $17,820.46B, a 21.33% increase from 2020. China gdp for 2020 was $14,687.74B, a 2.86% increase from 2019. China gdp for 2019 was $14,279.97B, a 2.77% increase from 2018.

Driven by industrial production and manufacturing exports, China's GDP is actually now the largest in terms of purchasing power parity (PPP) equivalence. Despite this growth, China's economy remains strictly controlled by its government where there are accusations of corruption, unfair dealings, and falsified data.

China, the world's second largest economy, reported a stronger-than-projected economic growth of 5.3 per cent in the January-March quarter of 2024, despite challenges that range from a lingering property market downturn to the continued sluggishness in domestic demand.

Latest estimate: 2.9 percent -- April 16, 2024

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.9 percent on April 16, up from 2.8 percent on April 15.

-The growth rate of real GDP tells us about the rate at which the economy is expanding, whereas the real GDP per person tells us about the standard of living. -We calculate Real GDP per person by dividing real GDP by the population. -Real GDP per person grows only if real GDP grows faster than the population.

What is the GDP growth rate year over year? ›

U.S. gdp growth rate for 2022 was 2.06%, a 3.88% decline from 2021. U.S. gdp growth rate for 2021 was 5.95%, a 8.71% increase from 2020. U.S. gdp growth rate for 2020 was -2.77%, a 5.06% decline from 2019. U.S. gdp growth rate for 2019 was 2.29%, a 0.65% decline from 2018.

While we do not forecast a recession in 2024, we do expect consumer spending growth to cool and for overall GDP growth to slow to under 1% over Q2 and Q3 2024. Thereafter, inflation and interest rates should gradually normalize and quarterly annualized GDP growth should converge toward its potential of near 2% in 2025.

The International Monetary Fund (IMF) on Tuesday raised India's GDP growth projection for 2024-25 by 30 basis points to 6.8 per cent in its update to the World Economic Outlook (WEO), citing buoyant domestic demand. However, the fund's estimate is below the 7 per cent growth projection by the government.

Fixed asset investment (FAI) in the first two months of 2024 reached RMB 5.08 trillion (US$705.62 billion), up 4.2 percent year-on-year, 1.2 percentage points faster than the full-year growth rate in 2023. FAI in February grew by 0.88 percent from January.

In fact, Moody's now predicts that annual economic growth will fall to 4% in 2024 and 2025, before slowing further, to 3.8%, on average, for the rest of the decade. Potential growth will decline to 3.5% by 2030.

The economists now predict China's GDP growth to be 3.5% in 2030 and close to 1% by 2050, lower than previous projections. In contrast, the US economy is showing signs of strength, with a strong labor market and robust consumer spending.