Wall Street Cuts China Growth Forecasts as Economy Disappoints
- Citi, Morgan Stanley, several banks see growth of 5% this year
- Beijing’s stimulus likely to be smaller than previous periods
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China’s disappointing economic growth figures prompted several economists to downgrade their forecasts for the year, citing major weaknesses in the recovery and Beijing’s relatively muted stimulus response.
JPMorgan Chase & Co., Morgan Stanley and Citigroup Inc. were among banks to cut their projections for economic growth this year to 5%, putting Beijing’s official gross domestic product target of around 5% at risk.