9/21/2021, 10:53 AM (Source: TeleTrader)
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Bank of America revises down China's GDP growth forecast

Bank of America Corp. reduced expectations for China's economic growth over the next three years due to delayed policy easing from the country's government.

The Chinese GDP growth forecast for 2021 has been reduced by 0.3 percentage points to 8%, while the growth estimations for next year plunged from 6.2% to 5.3%. In 2023, the country's economy is expected to grow by 5.8% instead of 6%.

Bank of America's lead economist for China, Helen Qiao, noted that the slowdown in the economic expansion will happen due to three main factors - the Delta coronavirus variant, tighter credit control on property investment as well as the introduction of green policies.

Baha Breaking News (BBN) / ND