Fitch raises China’s economic growth forecast for 2023 to 5 percent

In the Fitch statement, it was indicated that the growth forecast for the Chinese economy was revised.

In the statement, it was noted that the growth forecast for the Chinese economy for 2023 was increased from 4.1 percent to 5 percent.

In the Fitch statement, it was indicated that the upward revision reflects evidence that consumption and economic activity in the country are recovering faster than expected after the Chinese authorities abandoned the “zero Covid-19” policy. implemented by the end of 2022.

Noting that many economic indicators continue to remain below pre-epidemic levels, it was stated that they have only recently recovered.

In the statement, it was stated that the economic recovery is believed to be driven mainly by consumption.

Despite the upward revision, the expected recovery of the Chinese economy this year is forecast to be weaker than in 2021, when the country’s economy grew 8.4 percent, noting that this partly reflects weakness current real estate market. (AA)