IMF projects China's economic growth to reach 5.2% in 2023

The International Monetary Fund on Monday projected China's economy will grow by 5.2 percent in 2023, 0.8 percentage points higher than October 2022 forecast.

"Growth is expected to pick up in China with the full reopening in 2023," the IMF said in the newly released update to its World Economic Outlook report.

Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024, the IMF said, noting that the historical average growth rate between 2000 and 2019 is 3.8 percent.

The IMF said the rise in central bank rates to fight inflation and Russia-Ukraine conflict continue to weigh on economic activity.