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Analysts from Goldman Sachs and Nomura have revised downward their projections for China’s GDP growth.
Goldman Sachs now expects Chinese GDP growth, in 2021 and on an annual basis, of + 7.8%, compared to the + 8.2% previously expected. Downgrade also for the third quarter GDP, expected unchanged on a quarterly basis, compared to the previous 1.3% increase expected.
Ting Lu, Nomura’s chief economist, cut China’s GDP outlook from + 8.2% previously forecast to + 7.7% for 2021, motivating the decision with “unprecedented cuts in energy consumption”. The cuts were triggered by the energy crisis that is affecting much of the world economy, with supply failing to keep pace with demand.