China: Nomura cuts GDP growth forecasts for 2022 and 2023

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Due to covid risksNomura lowers China’s GDP growth forecasts for 2022 and 2023.

Nomura has lowered China’s GDP growth forecast for 2022 to 2.8% from 2.9%, while that of 2023 has been reduced to 4% from 4.3%.

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Nomura’s chief China economist Ting Lu said: “In terms of GDP, almost 20% of the Chinese economy was negatively affected by Covid controls as of Monday, close to the peak of 21.2% recorded in mid- April during the Shanghai lockdown.”

Additional comments

“Recently, Beijing has shown the first signs of willingness to reopenand has implemented some adjustment measures, but reopening can be a lengthy and inconvenient process.”

“Many closures or controls are applied without public announcement.”

“We believe that [el municipio suroccidental de] chongqing is currently experiencing the most severe local lockdown in China, based on our observation of numerous mobility metrics.”

Source: Fx Street

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