S&P Global has lowered its 2023 GDP growth forecast for China, the world’s second largest economy, in May data.
S&P Global said it lowered its 2023 GDP growth forecast for China after May data showed that the post-Covid recovery in the world’s second-largest economy faltered.
“We have lowered our 2023 GDP growth forecast from 5.5 percent to 5.2 percent,” said a research note published on Sunday.
“China’s recovery continues at an uneven pace as investment and industry lag behind forecast,” the research note said.
S&P became the first major international credit institution to lower its forecasts for the Chinese economy this year, while many major banks, including Goldman Sachs, cut their forecasts this month.