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China’s Growth Now Seen Below 5% Through 2024 on Covid Zero Risk
- Economists downgrade GDP growth forecast for this year to 3.3%
- Most economists only see China reopening borders next year
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China’s economic growth outlook is darkening, with economists downgrading their forecasts through 2024 as many bet Beijing will take a slow approach to dropping its Covid Zero policy.
Growth is now expected to be below 5% for each year through 2024, the latest Bloomberg survey of economists shows. The median forecast for this year was lowered to 3.3% from 3.4% in the previous survey, while next year’s was cut to 4.9% from 5.1%. In 2024, the economy is seen expanding 4.8%, down from the 5% projected earlier.