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UBS downgrades China GDP forecast amid disappointing economic recovery

UBS has revised its China 2023 GDP growth forecast due to a slower-than-expected economic recovery on the back of disappointing consumer data. UBS cut its GDP forecast from 5.7% to 5.2%, as China’s economic recovery fell short of expectations in May. Retail sales only grew 12.7% YoY, despite an end to China’s harsh COVID lockdown measures, while real estate sales…

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