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Goldman joins Wall Street banks in cutting China's growth outlook as post-Covid bounce fades
Goldman Sachs became the latest Wall Street bank to downgrade its growth forecast for China, as the world’s second-largest economy stutters and loses momentum after its coronavirus reopening. The investment bank cut its full-year gross domestic product forecast for 2023 from 6% to 5.4%, noting further turbulence ahead for the economy. The recovery from its stringent Covid-19 lockdown measures continue to disappoint through soft economic data, as well as mounting pressure on its property sector. While the firm sees further stimulus to come, it notes that the measures will not be enough to overcome the greater ... (full story)