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Barclays cuts China GDP outlook after forecasting U.S., Europe recession

2022-11-04 09:31:56       source:CNBC

November 2, 2022

BEIJING — Barclays cut its forecast for China’s economic growth next year to 3.8%, based partly on expectations of a drop in global demand for Chinese goods.

The firm’s U.S. and European economics teams forecast recessions next year, Barclays’ Hong Kong-based Jian Chang and Yingke Zhou said in a report Wednesday.

As a result, they now expect China’s exports to drop by 2% to 5% in 2023, versus previous expectations for 1% growth, the report said.

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