Moody's cut its China economic growth forecast for 2024 to 4% (from 4.5% previously)

<p>Moody's rating agency has downgraded its GDP forecast for China next year:</p><ul><li>the 2023 forecast remains at 5%</li><li>2024 cut to 4% from 4.5% the firm was expecting previously</li></ul><p>Moody's reasoning that:</p><ul><li>China is facing "considerable growth challenges" stemming from weak business and consumer confidence amid economic and policy uncertainty, continued property sector woes and an aging working population.
</li><li>"Data from China suggest that the economic recovery from a prolonged zero-COVID policy remains muted, as the reopening momentum seen in March, April and May appears to be waning." </li><li>

"We believe that low consumer confidence is holding back household spending, and economic and policy uncertainty will continue to weigh on business decisions".</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.