Goldman Sachs has become the latest Wall Street bank to cut its growth forecast for China, as the world’s second-largest economy continues to lose momentum with persistently weak confidence.
Experts believe the Chinese communist regime’s stimulus measures to remedy this won’t be effective due to macroeconomic issues.
Goldman Sachs’s analysts lowered China’s 2023 gross domestic product (GDP) growth forecast from 6 percent to 5.4 percent. They also lowered China’s 2024 growth forecast from 4.6 percent to 4.5 percent.
In a research note, Goldman Sachs’ chief China economist Hui Shan and others have warned that the Chinese economy is facing a series of macroeconomic problems and that the future may be more turbulent….