Coronavirus latest: New US coronavirus cases drop below 30,000

Coronavirus latest: New US coronavirus cases drop below 30,000


Thomas Hale in Hong Kong
Nomura has upgraded its forecasts for Chinese gross domestic product growth over the rest of the year, as the country’s early recovery from the coronavirus pandemic continues to gain momentum.
The Japanese bank expects China’s GDP to rise 2.2 per cent over the whole of 2020 and 9.4 per cent in the following year, compared to previous forecasts of 1.7 per cent and 8.8 per cent.
The upgrade comes after a slew of recent positive data, including figures yesterday that showed a sharp increase in Chinese exports in August, which beat expectations to rise nearly 10 per cent year on year.
A week earlier, an official survey showed strong growth in the country’s services sector.
China’s economy returned to growth in the second quarter — a period where other major economies continued to contract — after new coronavirus cases slowed to a trickle.
Nomura said that China’s recovery had been supported by “pent-up demand, a catch-up in production, a surge in medical product exports, and stimulus in both China and other major economies”, but pointed to continued “headwinds and roadblocks”.
Yesterday, ING increased its own forecast for the full year to growth of 0.7 per cent, compared to 0.5 per cent previously.



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