Bank of America (BofA) cut its China growth forecast on Tuesday in response to intensifying troubles at property giant Evergrande, a fresh COVID-19 outbreak, and a widespread regulatory squeeze, going beyond warnings issued by other investment banks.
While BofA trimmed its real gross domestic product (GDP) growth forecast for China for this year to 8.0 percent from 8.3 percent, it reserved its biggest cut for 2022 to 5.3 percent from 6.2 percent. It also trimmed its 2023 outlook to 5.8 percent from 6.0 percent.
