Analysts downgrade China's annual GDP outlook to 3-4% range

Lockdowns seen pushing down growth to far below official 5.5% forecast

A medical worker collects a swab sample from a cook for COVID testing in Shanghai. The city's lockdown has depressed projections for China's economic growth. © Reuters

TAKESHI KIHARA, Nikkei staff writer

May 31, 2022 00:23 JST

HONG KONG -- A broad range of private sector analysts have downgraded their projections for China's economic growth this year in response to lockdowns imposed on Shanghai and other cities under the government's zero-COVID policy.

The new forecasts are well below the official estimate of a 5.5% expansion in gross domestic product. In April, the International Monetary Fund shaved 0.4 percentage point from its previous outlook to arrive at a 4.4% growth projection.