Nomura Cuts China’s Growth Forecasts on Slow Covid Reopening
Workers in protective gear at the Shanghai Hongqiao Railway Station in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Nomura Holdings Inc. lowered its forecasts for China’s economic growth for this year and next, citing a “slow, costly and bumpy” reopening of the country as Covid cases surge.
This year’s estimate was cut slightly to 2.8% from 2.9%, while next year’s projection was lowered to 4% from 4.3%, Nomura’s economists wrote in a note Thursday. The forecasts are below the median estimates of 3.3% for 2022 and 4.8% for 2023 in a Bloomberg survey of economists.