Goldman Sachs raises China economic growth forecasts

NEW YORK - Goldman Sachs on Sunday lifted its forecasts on China's economic growth for 2024 and 2025 on the grounds of the country's recent pro-growth measures.

China's gross domestic products (GDP) would expand by 4.9 percent in 2024, up from an earlier forecast of 4.7 percent, according to a report by the investment bank.

Meanwhile, Goldman Sachs forecasted that the Chinese economy would grow by 4.7 percent next year, up from the previous forecast of 4.3 percent.

"The latest round of China stimulus clearly indicates that policymakers have made a turn on cyclical policy management and increased their focus on the economy," said economists with Goldman Sachs.

China posted 5.2 percent of GDP growth in 2023 and set a target of economic growth at around 5 percent for 2024.