China’s economy likely grew 7.3% in the second quarter from a year earlier due to a low base, but momentum is rapidly faltering, a Reuters poll showed, raising expectations Beijing will have to roll out more stimulus measures soon, reports Reuters. While the reading will be heavily skewed by economic pains caused by COVID-19 lockdowns last year, the expected expansion would be the highest since the second quarter of 2021, according to the median forecasts of 56 economists polled by Reuters.
Gross domestic product grew a stronger than expected 4.5% in the first quarter, driven by pent-up demand after three years of COVID curbs, but momentum has faded since April as demand at home and abroad weakens.
Highlighting the swift and sharp deceleration, analysts forecast the economy grew just 0.5% in the second quarter from the first three months of the year, when it expanded 2.2%.