Home Business "Fitch" publishes its forecast for the Chinese economy

"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

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