Central Bank Optimistic In Latest Growth Forecast For 2009

It may be an exercise in wishful thinking, but the People’s Bank of China’s research group is forecasting 8% growth for the economy this year.

That is the much quoted level needed to create the jobs that will sop up new entrants to the labor market, and thus avoid the much feared social instability. The forecast is made by  Zhang Jianhua, head of the PBOC’s research bureau, writing in Shanghai Securities News, here via Reuters via the FT.

The central bank’s previous forecast for 2009 was 9.3%, so its economists are foreseeing a relatively modest slowdown, in contrast to some private economists who have predicted growth as low as 5%.

Leave a comment

Filed under Economy

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s