
Ratings agency Fitch revised China’s GDP growth rate projection from 8% to 8.4% on Thursday, citing strong export recovery and global demand.
China is the only major economy that is starting to normalize macroeconomic policy settings, where the fiscal deficit is being scaled back and credit growth is slowing as the economic recovery matures, said Fitch’s chief economist, Brian Coulton.
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The agency has also updated its forecast on the global GDP growth – from 5.3% in its December’s projection to 6.1%. It said the main driver of the global forecast revision was the much larger than expected fiscal stimulus package recently passed in the United States.
The $ 1.9 trillion stimulus represents more than 2.5% of global GDP, according to Coulton. “The pandemic is not over, but it is starting to look like we have entered the final phase of the economic crisis,” he said.
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