Goldman Sachs, Nomura downgrade China GDP forecasts as outlook darkens

Goldman Sachs lowered its projection for China's gross domestic product growth to 3% from 3.3%, citing weaker-than-expected July economic data as well as near-term energy constraints

Goldman Sachs Group Inc. and Nomura Holdings Inc. downgraded their forecasts for China’s economic growth further, with a power supply crunch adding more uncertainty to the outlook. 
 

Goldman Sachs lowered its projection for gross domestic product growth to 3% from 3.3%, citing weaker-than-expected July economic data as well as near-term energy constraints. Nomura slashed its forecast to 2.8% from 3.3%.

China’s slowdown deepened in July as a worsening property slump and Covid lockdowns continued to curb business and consumer activity. The central bank unexpectedly cut interest rates this week to help bolster growth, while local governments are set to