"Fitch" publishes its forecast for the Chinese economy

Credit rating agency Fitch has raised its forecast for China’s 2023 GDP growth to 5% after previously forecasting growth of 4.1%.

Next year, as in the report for December last year, the country’s economy is expected to grow by 4.8%, and growth estimates for 2022 have been revised to 3% from 2.8% in December last year.

The agency said it has become more optimistic about China’s GDP growth this year.

Fitch believes that there is a clear recovery in consumption and economic activity in China, and this is the main reason for optimism about China’s growth prospects.

She said: “There are signs that consumption and activity are recovering faster than originally expected after the Chinese government abandoned the zero Covid policy at the end of 2022.”

Source: News