(MENAFN) According to a revised prediction released on Wednesday by Fitch Ratings, the Chinese economy is going to do better than anticipated and is going to expand by 5 percent the current year.
Due to "evidence that consumption and activity are recovering faster than initially anticipated," the GDP forecast for the second-largest economy in the world was increased from December's predictions of 4.1 percent. Beijing also removed its tight coronavirus limits.
This follows a less impressive-than-anticipated result the previous year, when the country's GDP increased by 3 percent but was constrained by harsh lockdowns. The ratings agency anticipates a "swift rebound" from the epidemic to fuel robust economic activity in the first half of the year.
The economists published a statement, “we believe stabilizing the recovery will remain the key focus in the near term, but do not anticipate aggressive macro-policy easing.” The most recent Purchasing Managers' Index (PMI) for China, which measures economic activity in the industrial and service sectors, also rose sharply, signaling expansion.
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