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Financial News: Moody's Lifts China's Growth Forecast

Moody's Lifts China's Growth Forecast

08/30/2017 - 07:00:00 (RTTNews)

(RTTNews) - Moody's Investors Service raised China's growth forecast citing stronger expansion in the first half of the year.

The rating agency projected China's growth outlook for 2017 to 6.8 percent from 6.6 percent. The projection for 2018 was lifted to 6.4 percent from 6.3 percent.

"Strong growth in the first half of the year is accounted for by China's strong infrastructure spending," said Madhavi Bokil, a vice president at Moody's.

With GDP growth set to reach this year's target, the agency forecast it to decelerate gradually over the years, as less policy stimulus is provided and as the authorities seek to balance their renewed commitment to slowing the growth of leverage while continuing to meet growth targets.

According to Moody's, the G20 economies will collectively grow at an annual rate of slightly more that 3 percent in 2017 and 2018, higher than the 2.6 percent registered in 2016.

A significant escalation of any of the situations in Korea, the South China Sea and other areas could have significant negative credit implications for the region, Elena Duggar, an associate managing director at Moody's said.

Moody's expects India's growth to firm in the second half of 2017 as the impact of demonetization slowly diminishes. Accordingly, Moody's has made only a marginal downward revision of India's real GDP growth forecasts to 7.1 percent from 7.2 percent, for the calendar year 2017.

Moody's forecast Japan's economy to grow above potential, at 1.5 percent this year. Real GDP growth forecast for 2018 at 1.1 percent assumes smaller fiscal support for the economy, the agency added.

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