The International Monetary Fund published World Economic Outlook on Sept. 21 saying China's economy would grow at a rate of 9 percent and 8.2 percent in 2005 and 2006 respectively, lower than last year's 9.5 percent, reporting the Beijing Times today.

Asian developing economies as a whole, the report projects, will grow by 7.8 percent and 7.2 percent this year and next year, also slower than the 8.2 percent growth last year in 2004.

The IMF thinks the global economy will go ahead at a rate of 4.3 percent and 4.4 percent in 2005 and 2006, well below last year's 5.1 percent. This projection shows no difference from IMF's prediction in April this year setting the world economic pace at 4.3 percent and 4.4 percent for 2005 and 2006 respectively.

The IMF has revised up its prediction of oil prices to 54.23 USD per barrel this year and 61.75 USD per barrel next year, from 46.5 USD and 43.75 USD per barrel made in April.

It regards the high oil prices as one of the major short-term risks to the global economy and warns against increasingly negative effect on the global economy of the soaring oil prices.

By People' Daily Online