IMF Upgrades China’s 2024, 2025 GDP Growth Forecasts After ‘Strong’ Q1 

Cleaners prepare to clean the floor at the Galaxy Soho commercial office building in Beijing, Monday, May 27, 2024. (AP)
Cleaners prepare to clean the floor at the Galaxy Soho commercial office building in Beijing, Monday, May 27, 2024. (AP)
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IMF Upgrades China’s 2024, 2025 GDP Growth Forecasts After ‘Strong’ Q1 

Cleaners prepare to clean the floor at the Galaxy Soho commercial office building in Beijing, Monday, May 27, 2024. (AP)
Cleaners prepare to clean the floor at the Galaxy Soho commercial office building in Beijing, Monday, May 27, 2024. (AP)

China's economy is set to grow 5% this year, after a "strong" first quarter, the International Monetary Fund said on Wednesday, upgrading its earlier forecast of 4.6% expansion though it expects slower growth in the years ahead.

The IMF said it had revised up both its 2024 and 2025 GDP targets by 0.4 percentage points but warned that growth in China would slow to 3.3% by 2029 due to an ageing population and slower expansion in productivity.

The global lender now expects the world's second-largest economy to grow 5% in 2024 and to slow to 4.5% in 2025.

"The upgrade that we have for this year mainly reflects the fact that first quarter GDP growth came in stronger than expected, and there were some additional policy measures that were recently announced," IMF's First Deputy Managing Director Gita Gopinath said in Beijing.

China's economy grew at a faster than expected 5.3% pace year-on-year in the first quarter, but deflationary pressures continue to loom large and a protracted property crisis remains a major drag on growth.

"Inflation is expected to rise, but stay low, as output remains below potential. Core inflation is projected to increase only gradually to average around 1% in 2024," Gopinath said at a press conference to mark the release of the fund's annual review of China's economic policies.

A string of recent economic indicators for April including factory output, trade and consumer prices suggest the $18.6 trillion economy has successfully navigated some near-term downside risks, but China observers say the jury is still out on whether the bounce is sustainable.

Retail sales in April, for instance, grew at their slowest pace since December 2022, when Beijing's strict zero-COVID curbs were in place, while new home prices fell at their fastest rate in nine years.

"Risks to the outlook are tilted to the downside, including from a greater or longer-than-expected property sector readjustment," Gopinath said. "The ongoing housing correction, which is necessary for steering the sector to a more sustainable path must continue."



Mawani Reports 13% Growth in Container Handling at Ports in May 2025

Mawani Reports 13% Growth in Container Handling at Ports in May 2025
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Mawani Reports 13% Growth in Container Handling at Ports in May 2025

Mawani Reports 13% Growth in Container Handling at Ports in May 2025

Ports supervised by the Saudi Ports Authority (Mawani) recorded a 13% increase in container handling during May 2025, reaching 720,684 twenty-foot equivalent units (TEUs), compared with 639,736 TEUs in the same period last year.

Transshipment containers increased by 12.89%, totaling 149,143 TEUs compared to 132,112 last year. Imports also grew by 15.84%, reaching 292,223 TEUs, compared to 252,265 TEUs in May 2024, SPA reported.

Outgoing containers increased by 9.38%, totaling 279,318 TEUs compared to 255,359 TEUs in the same month last year.

Total handled cargo—including general cargo, solid bulk, and liquid bulk—increased by 1.40% to reach 21,337,699 tons, up from 21,042,684 tons in the corresponding period of 2024. This total includes 935,932 tons of general cargo, 5,059,899 tons of solid bulk cargo, and 15,341,868 tons of liquid bulk cargo.

The ports also received 1,635,489 heads of livestock, marking a 61.22% increase from 1,014,417 in the same period last year. Maritime traffic rose by 9.39%, with 1,083 vessels received compared to 990 last year. Passenger numbers increased by 68.15% to 95,231, up from 56,636 in May 2024. The number of vehicles grew by 13.09% to 84,352, compared to 74,590 last year.