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Goldman Sachs cut forecasts for China’s economic growth in 2023 to 5.4% from 6%, citing persistently weak confidence and the cloud over the property market as stronger-than-expected headwinds.
The bank also lowered the country’s 2024 growth forecast from 4.6% to 4.5%.
“No reopening boosts have faded as quickly as in China,” said the report, citing the property downturn and its flow-on effects as the main reason.
“We judge that growth headwinds are likely persistent while policymakers are constrained by economic and political considerations in delivering meaningful stimulus.”