China’s economy is projected to expand by 8.4 percent in 2021, the International Monetary Fund said.
The figure is 0.3 percentage points above the IMF’s January prediction and would mark the country’s strongest growth rate since 2011, according to the latest World Economic Outlook released at the start of the IMF’s and World Bank’s spring meetings.
The report noted that “effective containment measures, a forceful public investment response and central bank liquidity support have facilitated a strong recovery.”
China was the only major economy to expand in 2020, posting an annual GDP growth of 2.3 percent.
The world’s second-largest economy has set its GDP growth rate at over 6 percent for 2021 as its economic recovery gathers steam.
The global economy is meanwhile projected to grow by 6 percent in 2021, a rate unseen since the 1970s, thanks to unprecedented policy responses to the COVID-19 pandemic.