Goldman Sachs has raised its economic growth forecasts for China for the years 2024 and 2025, citing the country’s recent pro-growth measures. 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 forecast of 4.7 percent.
In addition, Goldman Sachs forecasts the Chinese economy to grow by 4.7 percent in 2025, up from the previous estimate of 4.3 percent. The adjustments reflect the bank’s confidence in China’s policy shifts aimed at bolstering economic activity.
“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 stated.
China reported GDP growth of 5.2 percent in 2023 and has set a target of around 5 percent for 2024. The upward revisions by Goldman Sachs align with a general optimism about China’s economic trajectory amidst policy support and stimulus measures.
Reference(s):
cgtn.com
