(Reuters) – Five 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.
China’s economic growth outlook has soured further with retail sales, industrial output and investment growing at a slower-than-expected pace.
Weak consumer demand has tipped the world’s second largest economy into deflation amid rising pressure on Beijing to deliver more stimulus to support the economy.
Following are forecasts from some global banks:
Brokerage Current 2023 GDP Previous 2023
growth forecast GDP forecast
Morgan Stanley (NYSE: MS) 4.7% 5%
J.P.Morgan 4.8% 5%
Barclays (LON: BARC) 4.5% 4.9%
Deutsche Bank (ETR: DBKGn) 5% 5.3%