LONDON (Reuters) – Investment bank JPMorgan cut its forecasts for economic growth in China on Tuesday due to the country’s ongoing COVID-19 restrictions.
JPMorgan has lowered its projections a number of times already this year and the latest move cut its fourth quarter forecasts to 2.4% quarter-on-quarter from 5.2% previously and dropped the full-year forecast to 2.9% from 3.1% previously.
The bank also cut its 2023 full-year growth forecast to 4% year-on-year from 4.5% previously.
“Our baseline scenario assumes a gradually phased-in reopening to start next spring,” JPMorgan’s analysts said, referring to COVID lockdown restrictions.
(Reporting by Marc Jones; Editing by Amanda Cooper)