IMF cuts is 2022 China economic growth forecast to 3.2% (from 4.4%)

International Monetary Fund (IMF) forecasts for China GDP:

• 3.2% in 2022 vs. their previous forecast of 4.4%
• 4.4% in 2023
• 4.5% in 2024

IMF note:

• China’s rapid and broad-based economic slowdown blamed on strict COVID-19 lockdowns and its worsening property woes
• “With a growing number of property developers defaulting on their debt over the past year, the sector’s access to market financing has become increasingly challenging”
• “Risks to the banking system from the real estate sector are rising because of substantial exposure.”