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Morgan Stanley ups 2009 China GDP forecast to 7%

(Agencies)
Updated: 2009-04-23 11:58

Morgan Stanley on Thursday raised its forecast for China's GDP growth this year to 7.0 percent from 5.5 percent, saying that the government's policy response to the slowdown at the end of last year had been stronger than expected.

Related readings:  China GDP to grow by 8.3% in 2009, says CASS  WB official: China a 'bright spot' in 2009 world economy  China's economy still waiting to return to full power  China′s GDP up 6.1% in Q1

Morgan Stanley's revision followed a series of upgrades by analysts after China last week reported an annual growth rate of 6.1 percent in the first quarter, which marked a recovery in quarter-on-quarter terms despite being the slowest annual pace for any quarter on record.

"In the revised forecasts, more resilient private consumption and investment are envisaged to help offset weaker exports," Morgan Stanley analysts said in their note.

Goldman Sachs raised its forecast for China's growth this year to 8.3 percent from 6.0 percent. UBS raised its forecast for gross domestic product growth this year to 7-7.5 percent, from 6.5 percent.

Royal Bank of Scotland lifted its 2009 forecast to 7 percent from 5 percent, while Barclays Capital raised its 2009 forecast to 7.2 percent from 6.7 percent.