Goldman Sachs, Citigroup Cut China's 2024 Growth Forecast To 4.7%

Goldman Sachs and Citigroup have lowered their full-year projections for China's economic growth to 4.7%, following a slowdown in the world’s second-largest economy's industrial output, which hit a five-month low in August, Reuters reported.

Weaker economic activity in August has drawn attention to China’s sluggish recovery, underscoring the need for additional stimulus measures to bolster demand.

Weaker economic activity in August has drawn attention to China’s sluggish recovery, underscoring the need for additional stimulus measures to bolster demand. This downturn has led global brokerages to revise their 2024 projections to below the government's target of around 5%.

Goldman Sachs previously expected full-year growth at 4.9%, while Citigroup had forecast 4.8%.

China’s industrial output in August grew by 4.5% year-on-year, down from 5.1% in July, marking the slowest growth since March, according to data from the National Bureau of Statistics (NBS).