China surpassed global expectations with its impressive economic leap in the first quarter of 2023. This success has led many global investment banks to raise their previous annual growth forecasts for this country.
JP Morgan cut its previous forecast to 0,4 percent, up 6,4 percent. Following him, Citibank increased its initial projection of 5,7 percent to 6,1 percent, estimating an increase of the same rate. On the other hand, both Goldman Sachs and Deutsche Bank increased their estimates to 6 percent, taking into account the current economic situation.
Data from the State Statistics Office show that China's gross domestic product grew by 2023 percent in the first three months of 4,5. This performance has laid the foundations for the annual development goals set by the Chinese government.
The country's foreign trade increased by 4,8 percent in the first quarter of the year compared to the same period a year ago, especially since February. Morgan Stanley predicts that China will contribute more than 2023 percent to 40 global economic growth, after a very strong recovery in the first quarter, and Asian economies will perform to lead the world this year.
Deutsche Bank, on the other hand, predicted that China will contribute to Asia's exports with its great contributions and that China's gross domestic product will grow by 6 percent this year and by 2024 percent in 6,3, with a further increase.