The brokerage previously expected the country’s economy to grow at 5.7%.
It also lowered China’s growth forecast for 2024 to 4.8% from the earlier 5%.
“The downward revision reflects our more cautious view on both investment and consumption growth, esp. in 3Q,” the Wall Street bank said in a note.
“But as more signs of growth pressure emerge, policy makers will likely ramp up easing efforts by late 3Q, leading to a modest pick-up of growth momentum in 4Q.”
Source: Economy - investing.com
