The International Monetary Fund (IMF) on Monday projected China's economy will grow by 5.2 percent in 2023, 0.8 percentage point higher than October 2022 forecast.

Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024, the IMF said.

The IMF said the rise in central bank rates to fight inflation and Russia-Ukraine conflict continue to weigh on economic activity.

Global inflation is expected to fall from 8.8 percent in 2022 to 6.6 percent in 2023 and 4.3 percent in 2024, according to the update.

The IMF said the rapid spread of COVID-19 in China dampened growth in 2022, but the recent reopening has paved the way for a faster-than-expected recovery.