S&P Global said it has cut its 2023 GDP growth forecast for China after May data showed a post-COVID recovery was faltering in the world's second-largest economy.
"We have reduced our 2023 GDP growth forecast to 5.2%, from 5.5%," it said in a research note on Sunday.S&P is the first major international credit agency to cut its forecasts for China's economy this year, although several majorGoldman Sachs reduced its forecast from 6% to 5.4%, citing persistently weak confidence and the cloud over the property market as stronger-than-expected headwinds.
China's economy stumbled in May with property investment slumping further, industrial output and retail sales growth missing forecasts, adding to expectations that Beijing will need to do more to shore up a shaky post-pandemic recovery.to support a slowing economy this year, sources involved in policy discussions have said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
2023 K Global Heart Dream Awards Announces 1st Lineup Of Artists2023 K Global Heart Dream Awards Announces 1st Lineup Of Artists
Read more »
See which Dallas-area basketball products were selected in the 2023 NBA draftIt was a record night for Dallas-area high school basketball players in the 2023 NBA draft. Several local players were picked up by NBA squads, either through...
Read more »
Science News Briefs from around the World: July/August 2023Unlikely pollinators in Brazil, climate-resilient coffee in Uganda, credible cryptozoology down under, and more in this month’s Quick Hits
Read more »
Reading Terminal Market is hosting several festivals for 2023The Reading Terminal Market is setting off its festival celebrations this year with the Caribbean Heritage Day event on June 24, followed by the Ice Cream Festival on July 22 and much more!
Read more »
Cowboys QB Dak Prescott could be entering a make-or-break campaign in 2023The Dallas Cowboys have high hopes that Dak Prescott can bounce back from a 2022 season that saw him lead the NFL in interceptions. Prescott missed five games...
Read more »
The ‘World’s Ugliest Dog’ contest has a new winner — meet ScooterThe 2023 winner was Scooter, a 7-year-old hairless Chinese Crested pup.
Read more »