SINGAPORE, Oct 18 (Reuters) - The International Monetary Fund (IMF) downgraded its 2023 and 2024 growth forecasts for China, saying its recovery was "losing steam" and citing weakness in its property sector.
The report projected that a prolonged housing market correction in China would in the near-term "trigger greater financial stress among property developers and larger asset quality deterioration".
The IMF's 2023 outlook for Asia and the Pacific was brighter, with IMF calling it "the most dynamic region this year".
Growth in Asia and the Pacific, however, is expected to slow to 4.2% next year.
Central banks in the region, however, should guard against easing monetary policy prematurely, the IMF added.
Persons:
Kanupriya Kapoor
Organizations:
Monetary Fund, IMF, Thomson
Locations:
SINGAPORE, China, Asia, Disinflation, Japan, Central