China's Real Estate Crisis: Implications for the Global Economy
China's real estate industry is experiencing a slow-motion collapse, with major developers burdened by debt and "ghost cities" scattered across the country. The International Monetary Fund has cited China's real estate crisis as a significant factor in its recent cut to global growth forecasts for 2024. The country's economic recovery post-pandemic has been lackluster, with high youth unemployment and lowered GDP forecasts. Beijing is implementing policy measures to alleviate the sector's pressure, but the spillover effects on the global economy could persist for years, impacting heavy industry and commodity markets worldwide.