Deutsche Bank cuts China’s 2023 growth forecast to 5.3%
FILE PHOTO: A worker stands on a metal structure in a shopping district in Beijing, China, July 14, 2023. REUTERS/Thomas Peter/
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(Reuters) – Deutsche Bank (ETR:DBKGn) lowered its forecast for China’s economic growth forecast this year to 5.3%, from 6% earlier, citing weakness in domestic consumption demand and a deterioration in the property sector.
Data on Monday showed China’s economy grew 6.3% in the second quarter on a year-on-year basis, accelerating from 4.5% in the first three months of the year, but well below expectations of 7.3%, as demand weakened at home and abroad.
Deutsche Bank said it now expects additional monetary easing to come through in the second half of 2023 and also sees the need for fiscal easing.
On Monday, J.P.Morgan, Morgan Stanley (NYSE:MS) and Citigroup (NYSE:C) trimmed their 2023 gross domestic product (GDP) forecasts for China after the weaker second-quarter growth showed its post-COVID momentum was unravelling rapidly.
J.P.Morgan, Morgan Stanley and Citigroup now expect China to grow at 5% this year. Goldman Sachs (NYSE:GS), however, maintained its forecast at 5.4%.
