Fitch Ratings revised this Wednesday (8) its high forecast for China’s Gross Domestic Product (GDP) in 2023 to 5%, compared to 4.1% previously.
The change reflects the fact that consumption and economic activity in China are recovering at a faster-than-expected pace, after Beijing decided to abandon the “Covid zero” policy at the end of last year, says the ratings agency. risk, in a statement.
Analysts at Fitch expect the Chinese recovery to be led mainly by consumption, but warn that “the unusually high deposits of 2022 will not be destined exclusively for consumption, as they also reflect a withdrawal of assets from real estate and other investments that may reverse in 2023”.
Despite the upward revision, Fitch expects the economic recovery in 2023 to be less vigorous than that of 2021, when Chinese GDP expanded by 8.4%.
Source: CNN Brasil
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