Global Banks Cut China’s 2024 Growth Outlook After Weak GDP Data

The revised outlook comes as senior Communist Party officials convened in Beijing to deliberate on economic policies to turn around China’s struggling economy.

This photo taken on June 6, 2024 shows people crossing a street at the Huangpu district in Shanghai. Hector Retamal /AFP via Getty Images

Global investment banks cut their growth forecasts after China reported its slowest economic growth in five quarters, casting a shadow over one of the Chinese Communist Party’s (CCP’s) most important political meetings.

China’s economy grew by 4.7 percent in the second quarter compared to the previous year, slowing from 5.3 percent growth in the first quarter, according to data released by the National Bureau of Statistics on July 15.