3/17, 7:57 AM (Source: TeleTrader)
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Goldman Sachs downgrades forecast on China GDP

The United States investment banking company Goldman Sachs slashed its China’s first-quarter gross domestic product prediction to a year-on-year decrease of 9% from a previously calculated 2.5% growth, due to “strikingly weak” economic data in first two months of 2020. It also lowered its full-year GDP forecast to 3% growth from a previous estimate of 5.5%.

The company noted that due to the virus spreading at the fast pace outside China, growth in these countries is expected to slow down as well in the second quarter. Chinese GDP, therefore, won’t be back to the pre-virus trend until the third quarter.

According to the newest information, the overall number of infected people in China is 80,881 while there are 68,690 recovered. The death toll in the country reached 3,226 with 13 new deaths reported in the last 24 hours.

Breaking the News / TF