Goldman Sachs cuts China's growth forecast for 2023 as Covid Zero stays

Goldman Sachs cut its 2023 economic growth forecast for China sharply, predicting Beijing will stick to its stringent Covid Zero policies through at least the first quarter of next year

Goldman Sachs Group Inc. cut its 2023 economic growth forecast for China sharply, predicting Beijing will stick to its stringent Covid Zero policies through at least the first quarter of next year.
 

Gross domestic product will probably increase 4.5% in 2023, down from a previous projection of 5.3%, Goldman’s economists led by Hui Shan wrote in a note. This year’s prediction of 3% was maintained.

China is unlikely to begin reopening before the second quarter of next year as it tries to put several steps in place first, such as higher vaccination rates for elderly and increased manufacturing of cheap