J.P.Morgan and Citigroup upgraded China’s 2023 full-year gross domestic product growth forecast, citing that the country’s decision to lift stringent COVID-19 restrictions last December helped boost growth. | Reuters
A man sits on an overpass near a construction site of a subway station in Beijing, China April 18, 2023. REUTERS/Tingshu Wang/File photo
J.P.Morgan and Citigroup upgraded China’s 2023 full-year gross domestic product growth forecast on Tuesday, citing that the country’s decision to lift stringent COVID-19 restrictions last December helped boost growth. They upgraded their annual economic growth forecast for the world’s second-largest economy by 40 basis points to 6.4 percent and 6.1 percent year-on-year, respectively.China’s economy grew at a faster-than-expected rate in the first quarter, official data showed on Tuesday, expanding 4.5 percent year-on-year, as policymakers move to bolster growth following the end of the pandemic curbs.
The Wall Street banks pointed to a rebound in travel-related consumption and services and the stabilization in the housing markets for the stronger-than-expected GDP growth.
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