S&P Global cuts China growth forecast

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