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Economics

Goldman Cuts China 2023 Growth Forecast as Covid Zero Stays

  • Projection for next year trimmed to 4.5% from 5.3% previously
  • Curbing property an ‘ultimate’ goal of top leaders, GS says
Police officers check the information of motorists on a road amid restrictions due to the Covid-19 outbreak in Chengdu, on Sept. 1.

Police officers check the information of motorists on a road amid restrictions due to the Covid-19 outbreak in Chengdu, on Sept. 1.

Photographer: CNS/AFP/Getty Images

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Goldman Sachs Group Inc. cut its 2023 economic growth forecast for China sharply, predicting Beijing will stick to its stringent Covid Zero policies through at least the first quarter of next year.

Gross domestic product will probably increase 4.5% in 2023, down from a previous projection of 5.3%, Goldman’s economists led by Hui Shan wrote in a report. There was no change to the prediction of a 3% expansion this year.