UBS Lowers China Growth Forecasts Amid Deepening Property Downturn

Swiss investment bank UBS has revised its forecasts for China’s economic growth, expecting further slowdown due to worsening conditions in the property market. Following a continued weakness in the real estate sector, UBS predicts that the country's GDP growth rate for 2024 will be 4.5%, a significant drop from the previously expected 5%. The bank also highlighted that declining real estate sales and the deteriorating financial position of developers create uncertainty in the business environment.

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