Morgan Stanley has joined a group of major banks and brokerages in lowering forecasts for China’s economic growth for this year after a series of disappointing data and concerns about the ailing real estate sector there.<\/p>\n\n\n\n
According to a note issued by the bank on Wednesday, it now expects China’s gross domestic product to grow 4.7 percent this year, down from its previous forecast of 5 percent growth. It also cut its forecast for 2024 gross domestic product growth to 4.2 percent from 4.5 percent.<\/p>\n\n\n\n
JPMorgan this week cut its growth forecast for China’s GDP this year to 4.8 percent from 5 percent, while Barclays cut the forecast to 4.5 percent.<\/p>\n\n\n\n
Beijing has set a growth target for the country’s economy this year at around 5 percent.<\/p>\n\n\n\n
Economists said in a note by Morgan Stanley that the reduction in growth forecasts was due to factors, including the prediction of a sharp slowdown in capital spending and the problems of the real estate sector, which will have consequences for consumption.<\/p>\n\n\n\n
The Chinese real estate sector has been suffering from a severe shortage of liquidity since late 2021 when the Evergrande Group (HK:3333) collapsed and its collapse caused a series of debt defaults.<\/p>\n","protected":false},"excerpt":{"rendered":"
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