Factbox-Big brokerages cut China growth forecast on growing worries over property sector
Reuters
Published Aug 21, 2023 04:28AM ET
Updated Aug 21, 2023 09:10AM ET
(Reuters) - Seven major brokerages cut China's economic growth forecast for the year as worries about contagion from debt repayment troubles at its top private property developer Country Garden deepened.
There's rising pressure on Beijing to deliver more stimulus to support the economy as it faces deflation and slower-than-expected growth in retail sales, industrial output and investment.
But Monday's smaller-than-expected 10-basis-point cut in one-year benchmark lending rate, and an unchanged five-year rate underwhelmed investors.
Following are forecasts from some global banks:
Brokerage Current 2023 GDP Previous 2023
growth forecast GDP forecast
Morgan Stanley 4.7% 5%
J.P.Morgan 4.8% 5%
Barclays (LON:BARC) 4.5% 4.9%
Deutsche Bank (ETR:DBKGn) 5% 5.3%
Research
Nomura 4.6% 5.1%
UBS 4.8% 5.2%
Citigroup (NYSE:C) 4.7% 5%
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Written By: Reuters
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