(Bloomberg) -- Goldman Sachs Group Inc. cut its forecast for China's gross domestic product growth this year to 4% from 4.5%, citing worse-than-expected economic data in April.
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The economists also cut their forecast for second-quarter growth to 1.5% year-on-year from 4% previously, according to a report Wednesday. The full-year growth estimate is based on the assumption that Covid will remain mostly under control, that the property market improves and the government boosts infrastructure spending, Goldman said.
"Despite the significant economic costs incurred in controlling the omicron variant in March and April, the leadership has not wavered on its 'around 5.5%' GDP growth target thus far and doubled down on its 'dynamic zero-Covid' policy in early May," the economists wrote in the note.
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