Goldman Sachs increased the forecast on economic growth in China to 5.5%

This year, Goldman Sachs Group Inc. increased its forecast concerning the growth of Chinese GDP after the economy started to recover. The economic data published by the government also played its role — it exceeded expectations.

A note with the forecasts of the banking experts was published on Tuesday evening. According to their information, the economy will grow by 5.5% this year, compared with 5.2% before.

Data published on the same day has shown that the economy grew by 2.9% in the fourth quarter compared to the year before. This figure is higher than the 1.6% indicated in the experts’ forecasts.

Goldman’s economists said they are “quite surprised” that the official data for December wasn’t worse, considering the massive shortage of staff and increase in the incidence of coronavirus.