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Nomura Cuts China’s Growth Forecasts on Slow Covid Reopening

Workers in protective gear at the Shanghai Hongqiao Railway Station in Shanghai.

Workers in protective gear at the Shanghai Hongqiao Railway Station in Shanghai.

Photographer: Qilai Shen/Bloomberg

Nomura Holdings Inc. lowered its forecasts for China’s economic growth for this year and next, citing a “slow, costly and bumpy” reopening of the country as Covid cases surge.

This year’s estimate was cut slightly to 2.8% from 2.9%, while next year’s projection was lowered to 4% from 4.3%, Nomura’s economists wrote in a note Thursday. The forecasts are below the median estimates of 3.3% for 2022 and 4.8% for 2023 in a Bloomberg survey of economists.