China’s reopening may not be enough to change global slowdown
CHINA’S reopening is good news for global economies, but some economists worry it may not be enough to change the slowdown in global growth this year.
Andrew Tilton, chief Asia-Pacific economist at Goldman Sachs, said on Friday (Jan 13) that while the bank continues to forecast below-potential annual average global gross domestic product growth of 2.2 per cent in 2023, it is now above consensus for most major economies.
“Our recent growth upgrades reflect a stronger growth impulse from China’s reopening, European resilience to the energy crisis (given a warmer-than-expected winter), and a US economy that proves resilient to monetary tightening as the impact of rate hikes fades throughout 2023,” Tilton said, adding that the improved global growth outlook has “room to run”.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Global
Binance and CZ’s fortunes are set to grow, jail or no jail
Samsung says Q1 operating profits soar nearly tenfold on-year
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
China’s BYD shows effects of price war with weaker first-quarter earnings
Red Cross finances ‘stabilised’, new chief says
China’s mega banks post rare profit drops on margin squeeze