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BofA cuts China's 2023 growth forecast to 5.1%
2023-07-20 11:19:36

(Reuters) - BofA Global Research on Thursday cut China's economic growth forecast for this year to 5.1% 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%.


It also lowered China's growth forecast for 2024 to 4.8% from the earlier 5%.


"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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