Goldman Sachs, Citigroup cut China's 2024 growth forecast to 4.7%

Quick Summary:

GOLDMAN Sachs and Citigroup have lowered their full-year projections for China's economic growth to 4.7%, after the world's second-largest economy's industrial output slowed to a five-month low in August.

Retail sales - a key gauge of consumption - rose 2.1% in August, decelerating from a 2.7% increase in July amid extreme weather and a summer travel peak.

The faltering growth has prompted global brokerages to scale back their 2024 projections to below government's target of around 5%.

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Category: EconomyBusiness

Markets: MalaysiaChina

Topics: /Business/Business News GDP Economy Economy Citigroup Goldman Sachs Industrial output

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-16 @ 14:17:00 (20 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 332 words

Reading Time: 2 minutes read

Sentences: 15 lines

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Copyright Owner: © The Star

News ID: 22524520

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