China’s Growth Forecasts Raised Into Next Year as Country Reopens
- Economists in Bloomberg survey predict 5.1% growth in 2023
- Consumer spending expected to rebound after Covid waves ease
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Economists raised their economic growth forecasts for China into next year after the nation dropped its Covid restrictions faster than expected, ushering in a recovery, and following a surprisingly resilient performance toward the end of 2022.
The world’s second-largest economy is now forecast to expand 5.1% in 2023 and 5% next year, according to the median estimate in a Bloomberg survey of economists. The projections were higher than 4.8% and 4.9%, respectively, in last month’s poll.