Morgan Stanley cuts China's 2023 and 2024 growth forecasts

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July 17, 2023 6:19 AM EDT

FILE PHOTO: Women chat next to vegetables at a market on Nangan island of Matsu archipelago in Taiwan August 17, 2022. REUTERS/Ann Wang/File Photo

LONDON (Reuters) - Morgan Stanley revised down its China 2023 economic growth forecast by 0.7 percentage points to 5% on Monday after the country reported a "weak" second quarter GDP reading.

Adding that government was also being slow to provide stimulus, Morgan Stanley's analysts said: "Market scepticism on China's growth outlook is on the rise".

The bank also trimmed its 2024 GDP forecast by 40 basis point, to 4.5%, which it said implied "a return to China's post-Covid potential growth trend".

(This story has been refiled to remove an incorrect picture)

(Reporting by Marc Jones; Editing by Amanda Cooper)


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