Beijing: Two of the world’s biggest investment banks Goldman Sachs and Nomura have cut China’s economic growth forecast, media reports said.
Both the banks slashed the GDP forecast while citing Covid-related lockdowns that have curbed business and consumer activity in China in the month of July, Daily Sun reported citing RT.
Japanese financial holding company Nomura, which continues to maintain one of the lowest estimates for China’s growth, reduced its projection for gross domestic product growth to 2.8 per cent from 3.3 per cent. Meanwhile, Wall Street bank Goldman Sachs lowered its 2022 full-year forecast to 3.0 per cent from 3.3 per cent.