Goldman, Morgan Stanley Boost China’s 2024 Growth Outlook
- Economists raise GDP forecast on strong factory, export data
- Improved momentum lowers chance of more easing: Morgan Stanley
Photographer: Greg Baker/AFP/Getty Images
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Goldman Sachs Group Inc. and Morgan Stanley raised their outlook for China’s economic growth this year as factory activity and exports accelerate more than expected.
China’s economy likely expanded at a 7.5% annualized pace in the first quarter from the prior three months, Goldman economists led by Hui Shan said in a note Wednesday — higher than their 5.6% prior estimate. The bank now sees 2024 growth forecast at 5%, in-line with Chinese policymakers’ target, versus 4.8% previously.