International Monetary Fund (IMF) forecasts for China GDP:
- 3.2% in 2022 vs. their previous forecast of 4.4%
- 4.4% in 2023
- 4.5% in 2024
IMF note:
- China's rapid and broad-based economic slowdown blamed on strict COVID-19 lockdowns and its worsening property woes
- "With a growing number of property developers defaulting on their debt over the past year, the sector's access to market financing has become increasingly challenging"
- "Risks to the banking system from the real estate sector are rising because of substantial exposure."
