Goldman Sachs has lowered China's Growth Forecast for 2022 to 4%

Analysts at Goldman Sachs said on Wednesday they were lowering their GDP forecast for China to 2022 to 4% from a previous 4.5% expansion estimate. The downward revision is a result of the damage to the economy associated with the coronavirus pandemic in the second quarter of this year.

The Chinese economy is more likely to pass than exceed this new forecast, they added.

"Even this lower growth forecast includes the assumption that Covid-19 is largely under control in the future, the real estate market is improving, and the Chinese government is providing significant compensation for the negative effects through infrastructure spending in the coming months," said analysts at the American Investment Bank.

China's retail and industrial production fell sharply in April as large-scale Covid lockouts limited workers and consumers in their homes and severely disrupted supply chains.

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