BofA Global Research has revised its forecast for China’s economic growth in 2023, following lower-than-expected industrial output and retail sales figures for May. The bank’s economists, led by Helen Qiao, now predict that China’s economy will expand by 5.7 percent this year, down from their previous estimate of 6.3 percent growth. J.P. Morgan has also lowered its forecast for China’s GDP growth in 2023, projecting a 5.5 percent increase.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.