The global rating agency Moody’s cuts its economic growth forecasts for China, as well as upwards revisions for the Gross Domestic Product (GDP) of the United States in its latest report, published late on Friday.
“We have raised our growth forecast for the US economy to 1.9% in 2023 from 1.1% from our May outlook, acknowledging the strong underlying economic momentum,” Moody’s said in a report published by Reuters.
The rating giant also noted the difficulties of the Federal Reserve (Fed) in defending the 2.0% inflation target should the current economic transition prevail, while maintaining 1.0% US growth forecasts. .by 2024.
On the other hand, Moody’s China’s economy is expected to grow at the same rate of 5.0% in 2023 than previously anticipated. However, the global rating company also revised downward its GDP for China in 2024 to 4.0% from 4.5%.
In doing so, Moody’s cites low consumer confidence as a brake on household spending, while adding that economic and political uncertainty will continue to weigh on business decisions.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
