China's earlier reopening could hit supply chains in the short term, but boost growth in 2023
"This highlights the urgency of more and faster policy efforts to boost elderly vaccination and other medical resource supply," such as intensive care unit beds, oral medication and medical staff, the note said.as infections soar.Despite shorter-term concerns for China's reopening, economists have a rosy outlook for China's growth in the long run.
The latest outlook was revised in mid-December, when it raised its forecast for 2023's full-year growth from a previous prediction of 4.5%."Although we are confident that growth should accelerate meaningfully on reopening, significant uncertainties remain on Covid evolution, consumer behavior, and policymakers' reactions, which in turn determine the pace and the magnitude of the Chinese economy's recovery next year," it said in the Dec. 16 note.
Taiwan, Australia, and Malaysia will also see a moderate boost, of about 0.4 percentage points, to their economies, the note said.
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