Moody’s kept China’s 2023 growth forecast at 5%, cut 2024 forecast to 4% from 4.5%
MACRO VIEWS & ANALYSIS
Moody’s kept China’s 2023 growth forecast at 5%, cut 2024 forecast to 4% from 4.5%
MACRO VIEWS & ANALYSIS

Moody’s kept China’s 2023 growth forecast at 5%, cut 2024 forecast to 4% from 4.5%

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

China is facing “considerable growth challenges” stemming from weak business and consumer confidence amid economic and policy uncertainty, continued property sector woes and an ageing working population, Global credit rating agency Moody’s said in a report.

Moody’s kept its growth projection for this year at 5% but cut its 2024 forecast to 4.0% from 4.5% previously. It rates China at A1 with a stable outlook.

“Data from China suggest that the economic recovery from a prolonged zero-COVID policy remains muted, as the reopening momentum seen in March, April and May appears to be waning,” it said.

“We believe that low consumer confidence is holding back household spending, and economic and policy uncertainty will continue to weigh on business decisions”.