HONG KONG, May 8 (Xinhua) -- The International
Monetary Fund (IMF) said Thursday it has adjusted its forecasts for the global
economic growth in 2008 downward to below 4 percent, with a growth of just above
9 percent for the Chinese economy.
The recovery in the global economy will also come
slower than a previous projection put forward by the IMF six months ago, said
Olaf Unteroberdoerster, IMF's resident representative in the Hong Kong Special
Administrative Region (HKSAR).
"The outlook for the global economy today is much
worse than it was a year ago," he said at a luncheon at the Hong Kong General
Chamber of Commerce.
Unteroberdoerster said the world economic growth
would be below3 percent in 2008 and did not rule out a global repression.
The world economy averaged a growth of 4.9 percent in
2007, down 0.1 percentage points from the previous year and the IMF has
projected a growth of 3.7 percent in its forecasts announced in mid-April. China
had a growth of 11.4 percent in 2007.
Unteroberdoerster said the advanced economies, such
as the United States and the European Union, were most affected by the current
financial turbulence.
"If you look at the housing sector in the United
States, it is obvious that there is no signs of a recovery yet," he said, adding
that the influence of the financial turbulence may well be carried into 2009 and
thereby slow down the year's growth.
But the emerging economies remained the most dynamic
as they expected a growth that would be slower in 2008 but still above the trend
growth over the last decade, he said.
Unteroberdoerster said the advanced economies and the
emerging economics have diverged over the recent years but not de-coupled. The
advanced economies experienced a slowdown since 1970 while the emerging
economies has been picking up momentum after their growth slowed down to about
the same level as the advanced ones around 1990.
China, which has had a rising exposure to demand from
the United States and the EU over the past decades, will grow at just above 9
percent in 2008. India, less exposed to demand from the advanced economies, will
be less affected by the slowdown, he said.
"Asia's financial exposure to the United States has
also risen. As a result, growth has become more synchronized, as has financial
market performance," he said.
Unteroberdoerster said the risks were still tilted to
the downside, mainly because the end of the housing market downturn in the
United States did not seem near and the inflation pressures across the world
economies were raising concerns.
Report: Chinese economy to maintain
10% growth despite slowdown in
2008
BEIJING, April 27
(Xinhua) -- Chinese Academy of Social Sciences (CASS) predicted a 10.7 percent
growth in the country's gross domestic product (GDP) in 2008, though it said the
speed would be slower compared with the previous year. Full story
China's economy moving on the desired
track
BEIJING, April 16 (Xinhua) -- China's economy
is moving on the desired track of macro-economic control, according to an
executive meeting of the State Council, the Cabinet, held on Wednesday. Full story
China's economy grows 10.6% in 1st
quarter
BEIJING, April 16 (Xinhua) -- China's economic growth slowed to 10.6 percent
in the first quarter from 11.7 percent in the same period last year, the
National Bureau of Statistics (NBS) said on Wednesday. Full story
ADB: Chinese economy to grow 10% in
2008, inflation at 5.5%
HONG KONG, April 2 (Xinhua) -- The Chinese economy is likely to grow 10
percent in 2008, while inflation is expectedly to average 5.5 percent as rising
food prices stoke upward pressures, the Asian Development Bank (ADB) said in a
report Wednesday. Full story
UNESCAP: China's economy expected to
grow 10.7% in 2008
BEIJING, March 27 (Xinhua) --
China's economy would moderate but remain robust in 2008 with a growth rate of
10.7 percent, providing a cushion against the expected international downturn,
according to a forecast issued by the United Nations commission here on
Thursday. Full story
Premier: 2008 likely to be most
difficult for Chinese economy
BEIJING, March 18 (Xinhua) -- The year 2008 may be the most difficult year
for Chinese economy, largely due to growing uncertainties both inside and
outside the country, said Premier Wen Jiabao on Tuesday. Full story
