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ANZ, Barclays See China’s Economy Growing Slower Than 5% in 2020

imageEconomic Indicators11 hours ago (Mar 02, 2020 12:49AM ET)

(Bloomberg) — The outbreak of the coronavirus and China’s efforts to stop its spread mean economists are again revising their estimates for output this quarter, with the median forecast now for year-on-year growth to be 4.2%, the weakest in 30 years.

Australia and New Zealand Banking Group Ltd. and Barclays (LON:BARC) Plc cut their forecasts over the weekend after February factory data fell to a record low, and now expect full-year growth to be below 5%.

The median forecast last week was that gross domestic product would grow 5.5% in 2020, according to a survey of economists. That was already down from the forecast of 5.9% in January, but without taking into account the slump in the gauge of factory activities posted on Feb. 29.

Read more: China’s depleted coffers that challenge economic re-building after virus

Some analysts now expect a sizable drop in economic activity this quarter, compared to the last three months of 2019.

Economists forecasts about the economy

(Update to add new Barclays, ANZ, Nomura forecast at top of table.)

To contact Bloomberg News staff for this story: Lin Zhu in Beijing at lzhu243@bloomberg.net;Yinan Zhao in Beijing at yzhao300@bloomberg.net;Cynthia Li in Hong Kong at cli205@bloomberg.net

To contact the editors responsible for this story: Jeffrey Black at jblack25@bloomberg.net, James Mayger

(C)2020 Bloomberg L.P.

ANZ, Barclays See China’s Economy Growing Slower Than 5% in 2020

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