BofA Global Research on Thursday cut China's economic growth forecast for this year to 5.1 per cent on a disappointing second-quarter gross domestic product (GDP) growth and potential delay in forceful policy response.The brokerage previously expected the country's economy to grow at 5.7 per cent.I
BofA Global Research on Thursday cut China's economic growth forecast for this year to 5.1 per cent on a disappointing second-quarter gross domestic product growth and potential delay in forceful policy response.It also lowered China's growth forecast for 2024 to 4.8 per cent from the earlier 5 per cent.
"The downward revision reflects our more cautious view on both investment and consumption growth, esp. in 3Q," the Wall Street bank said in a note. "But as more signs of growth pressure emerge, policy makers will likely ramp up easing efforts by late 3Q, leading to a modest pick-up of growth momentum in 4Q."
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