S&P Global cut its forecast for China's economic growth this year, underscoring the uneven nature of the country's recovery from the pandemic which is spurring calls for further stimulus, reports Reuters.
S&P now expects China to post GDP growth of 5.2 per cent in 2023, down from an earlier estimate of 5.5 per cent. It was the first time a global credit ratings agency has cut China's forecast this year but follows lowered predictions by major investment banks.
'China's key downside growth risk is that its recovery loses more steam amid weak confidence among consumers and in the housing market,' S&P said.
SeaNews Turkey
S&P now expects China to post GDP growth of 5.2 per cent in 2023, down from an earlier estimate of 5.5 per cent. It was the first time a global credit ratings agency has cut China's forecast this year but follows lowered predictions by major investment banks.
'China's key downside growth risk is that its recovery loses more steam amid weak confidence among consumers and in the housing market,' S&P said.
SeaNews Turkey
