China GDP Forecast Cut at UBS, Barclays and Standard Chartered

A man delivers bottled water to a neighborhood during a Covid-19 lockdown in Shanghai on Monday. Photo: Bloomberg

(Bloomberg) — UBS Group AG, Barclays Plc and Standard Chartered Plc have cut their forecasts for China’s full-year economic growth as the country sticks to tough anti-Covid curbs and lockdowns to control a worsening virus outbreak.

UBS downgraded its gross domestic product growth forecast to 4.2% from 5% “in light of the intensified downward pressure on the economy,” economists led by Tao Wang said in a report to clients Monday. The same day, Barclays economists cut their assessment by 20 basis points to 4.3% “in expectation that Covid disruptions will be prolonged.”