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Goldman Cuts China’s Growth Forecast to 3.3% After Weak GDP Data

Goldman Sachs Group Inc. downgraded its forecast for China’s full-year economic growth to 3.3% from 4% after official data Friday showed GDP expanded at a slower pace than economists expected in the second quarter. 

The figures suggest Covid lockdowns in April and May took a heavier-than-expected toll on the economy, Goldman economists including Wang Lisheng said in a note Friday. The growth recovery will likely be less steep than in 2020, as a resurgence in Covid cases in July may constrain a rebound in services activity, they said.