IMF: China’s economic growth has slowed

International Monetary Fund (IMF) spokesman Kozack gave an assessment of the latest developments in the global economy at a press conference he gave.

Responding to a question about the effects of US and Chinese export controls on semiconductor chips and the critical minerals used in them, Kozack said they welcomed the talks between US Treasury Secretary Janet Yellen , and senior Chinese officials.

Emphasizing that the United States and other major trading partners must continue to work together to address key issues that risk tearing apart the global trade and investment system, Kozack said: “The recent economic talks between the United States and China have helped establish a common ground. in areas vital to investment and global growth and will help foster cooperation.” he used the phrase.

Recalling that they warned of the possible cost of the disintegration of the global trade and investment system to global gross product, Kozack said: “This will be very damaging to the global economy, especially at a time when we see weak global growth.” he said.

“INFLATION REMAINS HIGH”

When asked about the inflation outlook, Kozack recalled that US inflation remained above target despite the decline.

Noting that this situation is not only experienced in the US, but is seen globally that especially falling energy prices help reduce headline inflation, Kozack said: “This decrease in the Inflation boost is of course very nice, but core inflation remains sticky. and inflation remains a concern. Therefore, our policy advice in the US and elsewhere is for central banks to continue their monetary policy course until a permanent reduction in inflation is achieved.” saying.

On the risk of deflation in China, Kozack said the country’s economy slowed due to weak private investment, slowing exports and falling domestic demand, after strong performance in the first quarter with the reopening.

Expressing that the overall picture for growth in China is a slowing economy, Kozack noted that this is in line with the IMF forecast for April.

Referring to the “pent-up” inflation seen in China, Kozack said he would revise the Chinese growth forecast in the updated IMF economic outlook report to be released this month. (AA)