Goldman Sachs and Citigroup revise China's 2024 economic growth forecast to 4.7% due to weak industrial activity.

Goldman Sachs and Citigroup have revised China's 2024 economic growth forecast down to 4.7%, citing weak activity after industrial output hit a five-month low in August. This slowdown, with industrial output growing 4.5% year-on-year and retail sales increasing only 2.1%, has led brokerages to adjust projections below the Chinese government's target of around 5%. Both banks retain their 2025 GDP forecasts but advocate for stronger fiscal measures.

September 16, 2024
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