Economists Rush to Adjust China Forecasts as Covid Zero Ends
Workers wearing protective gear outside a Covid testing booth in Beijing on Dec. 15.
Source: Bloomberg
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China’s abrupt ending of its Covid Zero restrictions have forced economists to make sharp revisions to their growth projections for this year and next.
UBS Group AG and Australia & New Zealand Banking Group Ltd. were the latest to adjust forecasts on Friday, cutting estimates for this year to 2.7% as Covid infections spread rapidly. Predictions for next year were raised sharply to close to 5% or higher, on the expectation that consumer and business activity will recover as Covid infections subside.