Goldman Sachs Less Positive About China’s Economic Growth

Goldman Sachs has revised its forecast for China’s economic growth from 3.3 percent to 3 percent for this year. The bank attributed the revision to weaker than expected data for July and a tight energy supply. Bloomberg noted in a report on the news that the July data showed a deepening housing crisis combined with continued Covid restrictions, topped by a recent unexpected decision by the central bank of the country to cut interest rates. Slower economic growth for the world’s powerhouse would mean a softening in oil prices, which…