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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

IMF Raises Asia’s Economic Forecast on China Recovery, Warns of Risks

Asia China International Monetary Fund Inflation Economy United States
Women dressed in traditional costumes walk by vendors attend visitors at a shop renting traditional costumes near the Forbidden City during the May Day holiday period in Beijing, Tuesday, May 2, 2023. (AP)

The International Monetary Fund (IMF) raised Asia's economic forecast on Tuesday as China's recovery underpinned growth, but warned of risks from persistent inflation and global market volatility driven by Western banking-sector woes.

The reopening of China's economy will be pivotal for the region with the spillover to Asia seen focused on consumption and service-sector demand rather than investment, the IMF said.

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