MAJOR merchant bank goldman Sachs has cut its 2023 economic growth forecast for China to 4.5 per cent from its earlier forecast of 5.3 per cent, blaming stringent Covid-Zero policies for the projected slowdown, reports Bloomberg.
China is unlikely to begin reopening before the second quarter of next year as it tries to put several steps in place first, such as higher vaccination rates for elderly and increased manufacturing of cheap and effective Covid pills, Goldman said.
The authorities may also want to wait until after the Lunar New Year peak travel season and next March's parliament session when the reshuffling of government officials is completed, before exiting the Covid-Zero strategy, the economists wrote.
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China is unlikely to begin reopening before the second quarter of next year as it tries to put several steps in place first, such as higher vaccination rates for elderly and increased manufacturing of cheap and effective Covid pills, Goldman said.
The authorities may also want to wait until after the Lunar New Year peak travel season and next March's parliament session when the reshuffling of government officials is completed, before exiting the Covid-Zero strategy, the economists wrote.
SeaNews Turkey
