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Spread the love ASIA: The International Monetary Fund (IMF) on Tuesday cut its economic growth forecast for China this year because of the patchy recovery from new coronavirus variants, as Beijing focuses on reducing debt and public investment. The Washington-based organization trimmed China’s gross domestic product (GDP) growth estimate to 8.1 per cent, down from April’s projection of 8.4 per cent. But the country’s growth forecast for next year edged up 0.1 percentage points from April to 5.7 per cent. The IMF also scaled back its forecast for emerging Asia and developing economies to 7.5 per cent this year from 8.6 per cent in April. By contrast, it upgraded its estimate for the United States to 7 per cent this year from 6.4 per cent in its previous forecast. Emerging markets and developing economies could face a double hit from the worsening health crisis as new variants spread and tighter external financial conditions, the IMF said.

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