Current location:politics >>
China's adjustment of COVID
politics4People have gathered around
Introduction(Xinhua) 10:35, February 12, 2023NEW YORK, Feb. 11 (Xinhua) -- China's adjustment of its COVID-19 pa ...
NEW YORK, Feb. 11 (Xinhua) -- China's adjustment of its COVID-19 pandemic response will not only speed up its own economic recovery, but also boost global economic growth, said a report issued by Goldman Sachs Research on Friday.
"Our economists now forecast China's GDP (gross domestic product) to grow by 6.5 percent in 2023 on a Q4/Q4 basis," up from the previous forecast of 5.5 percent made at the end of last November, according to the report.
On top of that, global GDP could be raised by 1 percent by the end of 2023 due to China's adjustment, it said.
"The global growth backdrop has brightened," Goldman economists Joseph Briggs and Devesh Kodnani were quoted as saying by the report. The two economists have viewed "the more rapid pace of China's reopening along with a waning drag from global financial conditions and lower European gas prices" as good news for the world.
China's adjustment will impact global growth through "three direct channels," including increased domestic demand in China, and higher demand for international travel and commodities from China, said the report.
Domestic demand in China in 2023 is likely to increase by up to 5 percent, and the return in goods demand could provide a moderate boost of around 0.4 percent to GDP in most Asia-Pacific economies, it said, adding that a normalization in travel patterns should lead China's travel trade deficit to increase and boost foreign GDP. The report also said China's recovery will likely boost commodities demand and prices.
Briggs and Kodnani "anticipate the broader spillover effects from Chinese growth -- including more favorable global financial conditions and increased trade with other countries -- to be larger," it added.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Worldly Whispers news portal”。http://romania.highlanderdistrict.org/news-17a399955.html
Related articles
US overdose deaths dropped in 2023, the first time since 2018
politicsNEW YORK (AP) — The number of U.S. fatal overdoses fell last year, according to Centers for Disease ...
【politics】
Read moreMiami Marlins working on trade that would send 2B Luis Arraez to the San Diego Padres
politicsOAKLAND, Calif. (AP) — The Miami Marlins are working on a trade that would send second baseman and r ...
【politics】
Read moreMets moving struggling starter Houser to bullpen
politicsST. PETERSBURG, Fla. (AP) — The New York Mets have moved struggling starter Adrian Houser to the bul ...
【politics】
Read more
Popular articles
- Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
- Michigan Supreme Court rules against couple in dispute over privacy and drone photos of land
- Miami Dolphins agree to sign Odell Beckham Jr., AP source says
- MLB and Nike announce 2025 uniforms will have larger jersey lettering and custom
- Shooting injures 2 at Missouri high school graduation ceremony
- Boarded up shops, the cost
Latest articles
Jessica Biel CHOPS her long locks into a bob after book signing in Studio City
Canadian police make 3 arrests in Sikh separatist's slaying that sparked a spat with India
Filly Thorpedo Anna goes wire to wire to dominate soggy 150th Kentucky Oaks at Churchill Downs
Mexican forensic examiners are at a site in Baja California where 3 bodies were reportedly found
Celebrity birthdays for the week of May 26
José Soriano pitches 6 sharp innings as the Angels beat the Guardians 6
LINKS
- Spain's Otaegui wins Volvo China Open
- How has the Met Gala come to this? Rita Ora and Doja Cat lead starlets going semi
- Pennsylvania Senate approves GOP's $3B tax
- Disney's streaming business turns a profit in first financial report since challenge to Iger
- Rail strikes chaos brings Britain's creaking train lines to a halt
- Jewish student is ordered to leave Oxford encampment after refusing to sign up to radical pro
- Man who went THREE months without a bowel movement had hardened waste stuck in his colon
- How a stem cell transplant could help to stop epilepsy seizures
- Jewish student is ordered to leave Oxford encampment after refusing to sign up to radical pro
- Britain's most notorious inmate Charles Bronson puts his parole bid in jeopardy after punch