China’s economy grew 5.3% in the first quarter of 2024 from the same period last year, official data showed on Tuesday. The country’s industrial output rose 6.1% year on year in the first quarter of the year. Output grew 4.5% year on year in March alone. Retail sales in China grew 4.7% in the first three months of the year compared to the same period last year. China’s home prices continued to drop in March. Fixed-asset investment expanded 4.5% in the first quarter of 2024.
The world economy will continue to grow at 3.2% in 2024 and 2025, same as that in 2023, the International Monetary Fund said. Canada’s consumer prices rose 2.9% in March from last year, up from 2.8% in February, official data showed on Tuesday. The International Monetary Fund urged countries to rein in fiscal spending and and focus more on rebuilding buffers. India’s wholesale prices rose 0.53% in March, the fastest pace in three months according to official data.
Multilateralism and global cooperation needed to tackle global issues, IFF panelists in Washington urge
Panelists urged multilateralism and global cooperation to tackle global issues like climate change, geopolitical conflicts and global epidemics during a panel discussion in Washington D.C. on Monday.
In the run-up to the IMF/World Bank Spring Meetings, the International Finance Forum (IFF) together with the Center for Global Development (CGD) and the Bretton Woods Committee gathered panelists included Nancy Lee, Director for Sustainable Development Finance at CGD, Caroline Atkinson, President Barack Obama’s Deputy National Security Advisor for International Economics, Vera Songwe, Chair and Founder of the Liquidity and Sustainability Facility and Zhu Xian, IFF Executive Vice President and former Vice President of the World Bank to discuss major global issues.
During the more than an hour and a half meeting, the panelists discussed a wide range of issues including the current state of global cooperation, reforms at multilateral development banks (MDBs), inclusion of emerging societies at global institutions and of the private sectors and global trade frictions.
The panelists agreed that the world is neither completely decoupled like back in 1919 nor is it at the peak of global cooperation and multilateralism reached after the Bretton Woods agreements given the rising of discontent with globalization and rising nationalism as well as geopolitical tensions.
However in order to tackle global issues including climate change, geopolitical tensions and pandemics, global cooperation and multilateralism are required.
China’s economy grows 5.3% in Q1
China’s economy grew 5.3% in the first quarter of 2024 from the same period last year, official data showed on Tuesday.
The country's GDP reached 29.63 trillion yuan ($4.17 trillion) during this period, data from the National Bureau of Statistics showed.
On a quarterly basis, the economy increased 1.6% in the first three months.
Officials from the NBS attributed the growth to policy support and macroeconomic measures.
China’s industrial output rises 6.1% in Q1
China’s industrial output rose 6.1% year on year in the first quarter of the year, official data showed.
Industrial output grew 4.5% year on year in March alone.
Output of high-tech manufacturing expanded 7.5% in the first quarter, according to the data.
China’s retail sales grow 4.7% in Q1
Retail sales in China grew 4.7% in the first three months of the year compared to the same period last year, official data showed on Tuesday.
Retail sales in the country's urban regions rose 4.6% year on year during the period, while those in rural areas expanded 5.2%.
Online retail sales jumped 12.4% in the period with online retail sales of physical goods expanding 11.6%.
China’s home prices continue to drop in March
China’s home prices continued to drop in March, official data from the National Bureau of Statistics showed.
New home prices dropped 1.5% in China’s four biggest cities in March from last year whereas prices in second- and third-tier cities fell 2% and 3.4% respectively.
New home prices fell 0.1% in March from the previous month in first-tier cities.
Prices of existing homes in first-tier cities fell 7.3% in March year on year while those in second- and third-tier cities fell 5.9% and 5.7% respectively.
China’s fixed-asset investment up 4.5% in Q1
China’s fixed-asset investment expanded 4.5% in the first quarter of 2024, official data showed.
Investment in infrastructure construction rose 6.5% from a year ago, and manufacturing investment increased 9.9% in the first three months, data from the National Bureau of Statistics showed.
Investment in property development, however, dropped 9.5% year on year in the first quarter.
China’s trade shrinks in March
China’s exports and imports both shrank in March, customs data showed on Friday
Exports from China slumped 7.5% year-on-year last month, according to the data.
Imports dropped 1.9% in March from a year ago, down from an increase of 3.5% in first two months of the year.
Global recovery is steady by slow, IMF
The world economy will continue to grow at 3.2% in 2024 and 2025, same as that in 2023, the International Monetary Fund said.
In its latest World Economic Outlook, the IMF said advanced economies will see a slight acceleration from 1.6% last year to 1.7% in 2024.
The emerging market and developing economies will grow slightly slower at 4.2% in 2024 and 2025, down from 4.3% growth in 2023.
The IMF projected that core inflation will decline more gradually.
Canada’s March inflation rises 2.9%
Canada’s consumer prices rose 2.9% in March from last year, up from 2.8% in February, official data showed on Tuesday.
Prices of shelter, which rose 6.5% year on year, continued to put upward pressure on the consumer price index.
Rent prices grew 8.5% year on year in March, following an 8.2% increase in February.
IMF calls for fiscal restraint in ‘biggest-ever’ election year
The International Monetary Fund urged countries to rein in fiscal spending and and focus more on rebuilding buffers.
A record 88 countries, home to more than half of the world’s population, are holding national elections. As historically governments tend to spend more and tax less during election years,the IMF urged governments to exercise fiscal restraint to preserve sound public finances.
India’s wholesale prices rise at fastest pace in three months
India’s wholesale prices rose 0.53% in March, the fastest pace in three months according to official data.
Food prices rose 4.65% in March from a year ago, up from February’s increase of 4.09%.
Fuel and power prices dropped 0.77% whereas prices of manufactured goods fell 0.85%.