Morgan Stanley cuts China’s 2023 and 2024 growth forecasts
2023.07.17 07:56
© Reuters. FILE PHOTO: People walk at a street in Beijing’s Central Business District (CBD), during the morning rush hour following the Chinese Lunar New Year holiday, in Beijing, China, January 30, 2023. REUTERS/Tingshu Wang
LONDON (Reuters) – Morgan Stanley (NYSE:) revised down its China 2023 economic growth forecast by 0.7 percentage points to 5% on Monday after the country reported a “weak” second quarter GDP reading.
Adding that government was also being slow to provide stimulus, Morgan Stanley’s analysts said: “Market scepticism on China’s growth outlook is on the rise”.
The bank also trimmed its 2024 GDP forecast by 40 basis point, to 4.5%, which it said implied “a return to China’s post-Covid potential growth trend”.
(This story has been refiled to remove an incorrect picture)
