Data on Tuesday showed China’s April factory output and retail sales growth undershot forecasts, adding pressure on policymakers to shore up wobbly activity
has cut its forecast for China’s 2023 gross domestic product growth to 5.5% from 5.9% previously, after April data showed a post-COVID recovery in the world’s second-largest economy is losing steam.
Nomura lowered its forecast for second-quarter GDP growth to 7.8% year-on-year from 8.4%, analysts at the bank said in a note. Nomura expects China’s central bank to cut its benchmark lending rate – loan prime rate – by 10 basis points in mid-June. “However, unlike previous cycles, we see no easy fix this time around as, in our view, the real barrier to sustaining the growth recovery is a lack of confidence.”
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