Central bank lowers GDP growth forecast, slashes export, import growth estimates

Government economists at China’s central bank have cut their annual growth forecast for the country by 0.1% to 7% and have estimated export growth could decelerate to just 2.5% – down from 6.1% last year – as imports drop 4.2% in contrast to a predicted gain of 5.1% for 2015, South China Morning Post reported, citing a working paper from the People’s Bank of China. Meanwhile, consumer inflation is expected to reach only 1.4% this year, down from an earlier estimate of 2.2%, though the economists said they expected inflation could rise slightly in the second half of the year along with a rebound in oil prices.