S&P Global stated that it has cut its economic growth forecast for China in 2023 after several sets of data in recent months showed a faltering recovery from the termination of zero-Covid policy.
The credit rating company revised 2023 GDP growth down to 5.2% from 5.5%, expecting the recovery of the world’s second largest economy to continue but at an uneven pace with investment and industry lagging.
S&P Global is the first major international credit agency to cut the GDP forecast for China this year. Goldman Sachs, UBS, Standard Chartered, BoA, and JPMorgan recently cut China’s growth in 2023 as well, adding that there is further turbulence ahead for the economy.
