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Morgan Stanley cuts China's 2023 and 2024 growth forecasts

Published 07/17/2023, 07:12 AM
Updated 07/17/2023, 07:21 AM
© Reuters. FILE PHOTO: People walk at a street in Beijing's Central Business District (CBD), during the morning rush hour following the Chinese Lunar New Year holiday, in Beijing, China, January 30, 2023. REUTERS/Tingshu Wang
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LONDON (Reuters) - Morgan Stanley (NYSE:MS) revised down its China 2023 economic growth forecast by 0.7 percentage points to 5% on Monday after the country reported a "weak" second quarter GDP reading.

Adding that government was also being slow to provide stimulus, Morgan Stanley's analysts said: "Market scepticism on China's growth outlook is on the rise".

© Reuters. FILE PHOTO: People ride bikes and scooters on a street at Beijing's Central Business District, in Beijing, China June 21, 2023. REUTERS/Tingshu Wang

The bank also trimmed its 2024 GDP forecast by 40 basis point, to 4.5%, which it said implied "a return to China's post-Covid potential growth trend".

(This story has been refiled to remove an incorrect picture)

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