WASHINGTON (Sputnik) — In January, International Monetary Fund (IMF) Managing Director Christine Lagarde said China had entered the stage of legitimate and crucial transition. Given that, she noted, some market turbulence should be expected ahead.
"China, after many years of growth based on a model that was more [focused on] exports, now is rebalancing the economy," Nunes said on Friday. "What will be the consequences for all the countries, particularly for Africa that were exporting raw materials to China, is not clear."
The IMF noted on April 1 that spillovers of Chinese market shocks into the global financial markets will likely significantly grow over the next several years.
On Tuesday, the IMF stated that the Chinese economy will expand at a rate of 6.5 percent in 2016, while showing a slightly slower growth of 6.2 percent in 2017.
Moreover, the IMF pointed out that China’s GDP stood at 6.8 percent in 2015, adding that the process of economic rebalancing in China may be less smooth than it was previously expected.
