UBS Group AG, Barclays Plc, Standard Chartered Plc and Bank of America Corp have cut their forecasts for China’s full-year economic growth as the country sticks to tough anti-Covid curbs and lockdowns to control a worsening virus outbreak.
UBS downgraded its gross domestic product growth forecast to 4.2% from 5% “in light of the intensified downward pressure on the economy,” economists led by Tao Wang said in a report to clients Monday. The same day, Barclays economists cut their assessment by 20 basis points to 4.3% “in expectation that Covid disruptions will be prolonged.”
