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JPMorgan cuts China growth forecast to 3.7%


JPMorgan cuts China growth forecast to 3.7% |  Photo credits: DiPetre / Shutterstock.com

JPMorgan cuts China growth forecast to 3.7% | Photo credits: DiPetre / Shutterstock.com

LONDON, May 23 (Reuters) – U.S. investment bank JPMorgan on Monday lowered its economic growth forecast for China this year to 3.7% from 4.3% previously, saying a stronger-than-expected contraction was likely in the second quarter due to the sanitary confinements.

His forecast is therefore a little further from the official growth target of the Chinese authorities, set at 5.5% for 2022.

Last week, another major US bank, Goldman Sachs, lowered its own forecast for Chinese growth to 4%.

“On the positive side, the darkest times may well be behind us,” wrote analysts at JPMorgan, pointing to the drop in the number of new COVID-19 cases in China last week.

(Report Marc Jones, French version Marc Angrand, edited by Kate Entringer)





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