MADRID, 1 Sep. (EUROPA PRESS) –
Moody’s has revised upwards its growth forecasts for the US economy in 2023 to 1.9% from the 1.1% it estimated last May, while it has revised downward its projections for China in 2024 , from 4.5% to 4%.
The improvement in the calculations on the Gross Domestic Product (GDP) of the United States is due to the “strong economic impulse” that has been taking place in the country in recent months.
However, looking to 2024, high interest rates will act “as a brake” on economic growth, which leads Moody’s to maintain its GDP expansion forecast of 1%.
This Friday it was revealed that the US economy generated 187,000 new non-agricultural jobs during the month of August, a figure higher than the 157,000 new jobs created in July, although the unemployment rate rose three tenths, to 3.8 %.
This data reflects that the US labor market continues to show signs of strength and has created jobs for 32 consecutive months, especially in the health, leisure and hotel, social assistance and construction sectors.
In the case of China, although the rating agency has maintained the growth forecast for 2023 at 5%, a scenario of “obstacles” has been considered for it to continue this level of growth, for which reason it has been revised downwards. the 2024 projection.
The weakness of domestic consumption or of the business sector, as some figures have been reflecting in recent weeks, are cause for alert for Moody’s, which foresees a cooling of the Chinese economy.
China’s financial supervisory agencies have announced this week cuts in mortgage interest and in the minimum initial contributions for home purchases in order to stimulate the real estate market, which has recently been under additional pressure from the problems of the promoters Country Garden and Evergrande.
