Goldman Sachs has raised its forecasts for China's economic growth in 2024 and 2025, highlighting increased confidence in the country's recent pro-growth policies. The investment bank announced on Sunday that China's gross domestic product (GDP) is now expected to expand by 4.9 percent in 2024, up from an earlier estimate of 4.7 percent.
For the year 2025, Goldman Sachs projects a growth rate of 4.7 percent for the Chinese economy, an upward revision from its previous forecast of 4.3 percent. These adjustments reflect the bank's optimistic outlook on China's economic trajectory, bolstered by the government's commitment to stimulating growth.
\"The latest round of China stimulus clearly indicates that policymakers have made a turn on cyclical policy management and increased their focus on the economy,\" economists at Goldman Sachs commented. They emphasized that proactive measures are fostering a more favorable environment for sustained growth.
China recorded a GDP growth of 5.2 percent in 2023 and has set a target of around 5 percent for 2024. The government's recent initiatives aim to maintain this momentum, addressing both domestic and global economic challenges.
The raised forecasts from Goldman Sachs signal international confidence in China's economic policies and potential. Business professionals, investors, and global analysts will be watching closely as China's pro-growth measures unfold, presenting opportunities and insights into the Asian markets.
Reference(s):
cgtn.com
