(MENAFN- Baystreet) Wall Street Now Expects Only Two Rate Cuts In 2024
Fed Chair Throws Rate Cut Timing Into Doubt
Europe's Inflation Rate Falls To 2.4%
Swiss Bank UBS Announces $2 Billion Stock Buyback
China's Factory Output Expands For First Time In Six Months Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staff - Wednesday, April 10, 2024
Fitch Downgrades China's Credit Rating To 'Negative' The Fitch ratings agency has lowered its outlook on China's sovereign credit rating to“negative,” citing risks to public finances amid an economic downturn.
Fitch forecasts that the Chinese government's deficit could rise to 7.1% of gross domestic product (GDP) this year, up from 5.8% in 2023.
Fitch forecasts that China's economic growth will slow to 4.5% in 2024 from 5.2% last year. The government in Beijing has set an ambitious goal of 5% GDP growth for this year.
In its downgrade, Fitch stated:“The outlook revision reflects increasing risks to China's public finances as the country contends with more uncertain economic prospects amid a transition away from property-reliant growth...”
China's finance ministry said in a written statement that it regretted Fitch's ratings decision.
Fitch is not the first credit ratings agency to downgrade China. Last December, Moody's (MCO) downgraded China and warned of the decline in the country's property sector.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN10042024000212011056ID1108079494
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.