China to Grow by 5.3% in 2024
After pressure induce slowdown in activities, China’s economy is expected to maintain stable growth in 2024, with a projected GDP expansion of around 5.3%, China Daily reported, citing a report released by the Center for Forecasting Science at the Chinese Academy of Sciences.
The centre expects the primary industry — spanning the agriculture sector — to climb 4.5% in 2024, while the secondary industry, which covers the manufacturing sector, is forecast to rise 4.2%, the report said.
Meanwhile, the tertiary industry, which covers services sectors, is predicted to expand 6% this year, the state-run newswire said.
Consumption and investment are projected to be the primary drivers of growth, contributing 3.7 and 1.9 percentage points, respectively, China Daily said. Net exports are expected to have a minimal negative impact at -0.3 percentage points, according to the report.
“We are confident in China’s economic development. A recovery in growth is expected from the real economy to the service industry, among which the service industry is likely to recover with the fastest pace.
“Emerging industries such as new materials and new energy will also develop rapidly,” Hong Yongmiao, director of the centre, was quoted by China Daily as saying. Naira Lost 11% as Banks Issue New Update on FX Spending
