NEW YORK -- Growth projections for China's economy for both 2023 and 2024 were downgraded by the International Monetary Fund as the country's real estate crisis as well as weakened consumer and business confidence pose "significant risks" for a global economy that has otherwise proved surprisingly resilient.
"The likelihood of a hard landing has receded, but the balance of risks to global growth remains tilted to the downside. China's property sector crisis could deepen, with global spillovers, particularly for commodity exporters," the IMF wrote in the fall edition of its biannual World Economic Outlook.
