15:53 - 16.09.2024

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September 16, Fineko/abc.az. Goldman Sachs and Citigroup lowered their forecasts for China's economic growth for the full year up to 4.7%, after industrial production in the world's second largest economy slowed to a five-month low in August.

ABC.AZ reports that weak economic activity in August increased attention to China's slow economic recovery and highlighted the need for further stimulus measures to support demand.

The slowdown in growth has forced global brokerage firms to cut their forecasts for 2024 to below government's target of about 5%.

Goldman Sachs had previously expected economic growth for the full year to be 4.9%, while Citigroup had forecast growth of 4.8%.

China's industrial output grew 4.5% year-on-year in August, slowing from July's 5.1%, which was the slowest growth since March, data from the National Bureau of Statistics (NBS) showed on Saturday.