Goldman Sachs has increased its economic growth forecasts for the Chinese mainland for both 2024 and 2025, citing recent pro-growth measures implemented by policymakers.
The investment bank now projects the Chinese mainland's gross domestic product (GDP) to expand by 4.9 percent in 2024, up from its earlier forecast of 4.7 percent.
Looking further ahead, Goldman Sachs forecasts the Chinese mainland's economy to grow by 4.7 percent in 2025, an increase from the previous estimate of 4.3 percent.
\"The latest round of Chinese mainland stimulus clearly indicates that policymakers have made a turn on cyclical policy management and increased their focus on the economy,\" economists at Goldman Sachs stated.
In 2023, the Chinese mainland posted a GDP growth of 5.2 percent and has set a target of around 5 percent for 2024.
Reference(s):
cgtn.com
