China has projected an ambitious economic expansion target of 5% for this year as it promises to transform its growth model.
Speaking at the opening of the National People’s Congress earlier this week, Chinese Premier Li Qiang said, “Stability is of overall importance as it is the basis for everything we do”.
He added the country must push ahead with transforming China’s growth model, by making structural adjustments, improving quality and enhancing performance.
Meanwhile, Moody’s, has raised its forecast for India’s 2024 GDP growth — from its initial 6.1% estimate, to 6.8%.
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The ratings agency says India has performed well, and stronger-than-expected data last year has led to the decision to raise the growth estimate by point 7 percent.
This is largely due to robust manufacturing activity and infrastructure spending.
But on a disappointing note for Brics+ countries, South Africa has posted a zero-point-one percent fourth quarter expansion – narrowly escaping a technical recession.
This on the back of a point-two percent contraction in the third quarter.
But Stats SA says 6 out of 10 industries recorded positive growth in the last quarter.
The top performers include the mining and quarrying industry, which expanded by two-point-four percent and the transport, storage and communication industry that posted a two-point-9 percent increase.
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