VOICES: China growth to boost global economy by 0.2pct; Chinese consumption worth watching - IMF

Pierre-Olivier Gourinchas, chief economist of International Monetary Fund:

"We have an economy that is resisting better to the shocks that it experienced in 2022, in particular the energy crisis and the Russian war in Ukraine, and then the reopening of China and that gives us this boost to economic activity in 2023 and 2024. This is not a huge boost, it's 0.2 percentage points, but still it's good news because up until now we were revising downwards, this time we are revising upwards."

"Typically, Chinese households have also a fairly high saving rate. So how much they would want to switch back to consumption that remains to be seen. But we are already seeing some encouraging signs when you look at tourism for instance. It looks like tourism is picking up very rapidly and that's something that will have spillovers to neighboring countries where Chinese households might travel when they want to go on vacation. So we are expecting a pickup in Chinese consumption overall."

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