S&P cuts China 2022 GDP forecast, says emerging market growth to slow

LONDON : Coronavirus lockdowns have hit Chinese growth more than expected, ratings agency S&P said as it slashed its forecast for the second time in two months, while emerging market economies will slow in the second half of this year amid high inflation.

It said higher than expected first quarter growth in many countries meant its 2022 growth forecast for emerging market economies excluding China was unchanged at 4.1 per cent, but sounded a pessimistic note about the rest of the year and 2023. S&P also increased inflation forecasts for a sample of 15 emerging markets, to 7.1 per cent in 2022 and 4.1 per cent in 2023, from 5.9 per cent and 3.5 per cent in March and said it expected inflation to breach most central banks' targets until at least 2024 even as they tighten monetary policy faster.

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