Wall Street Banks Cut China's Growth Outlook Amid Post-Covid Slowdown

Goldman Sachs has downgraded China's full-year GDP forecast for 2023 from 6% to 5.4%, citing further turbulence ahead for the economy. The recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector. The latest revision from Goldman Sachs follows the likes of UBS, Bank of America and JPMorgan who have all downgraded their China full-year GDP estimates.