The Forecasting Research Center of the Chinese Academy of Sciences has released its economic forecast for 2024, predicting that the country’s GDP growth will be around 5.3%. The forecast was announced during the “2024 China Economic Forecast and Outlook” press conference and the China Economic Development High-end Forum held in Beijing.
According to Yang Cuihong, the director of the Forecasting Science Research Center, China’s economy is expected to operate smoothly in 2024, with the annual GDP growth rate hovering around 5.3%. The forecast also suggests that the nominal growth rate of final consumption will be between 4.2% and 5.1%, continuing to be the main driving force for economic growth in the country.
The forecast also predicts generally stable international balance of payments, with a surplus in the current account and ongoing optimization of the service trade pattern. Additionally, if weather conditions remain normal and there are no major natural disasters, it is expected that grain production will increase throughout 2024.
In terms of income, the forecast estimates a 6.8% growth rate in per capita disposable income for rural residents in 2024. The Forecasting Research Center of the Chinese Academy of Sciences emphasizes that their research is aimed at providing scientific basis and policy suggestions for major national economic decisions, serving as an important think tank for economic development.
Since 2007, the center has released its economic forecast report every January, drawing widespread attention from various sectors of society. The forecast is based on the center’s research into important forecasting issues in China’s economic and social development.
The release of the economic forecast provides valuable insights for policymakers, businesses, and individuals planning for the year ahead. With this forecast, many will be able to better understand and anticipate the economic trajectory of the country for 2024.