Goldman Sachs has revised its projections for China's economic growth, raising its forecasts for both 2024 and 2025 in light of the country's recent pro-growth measures. The investment bank now expects China's gross domestic product (GDP) to expand by 4.9 percent in 2024, up from its previous estimate of 4.7 percent.
For the following year, Goldman Sachs anticipates a growth rate of 4.7 percent for China's economy in 2025, an increase from the earlier forecast of 4.3 percent. This optimistic outlook reflects the positive impact of China's latest stimulus efforts aimed at boosting 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,\" said economists at Goldman Sachs. The bank's analysts believe that these measures will bolster domestic demand and support sustained growth over the coming years.
In 2023, China posted a GDP growth of 5.2 percent, reaching and surpassing its target of around 5 percent for the year. The government's commitment to pro-growth policies appears to be strengthening investor confidence and signaling continued economic resilience.
Reference(s):
cgtn.com
