China’s economic growth slowed to its lowest level in a decade in the quarter ending in June, adding to pressure on Chinese leaders as they fight a tariff war with Washington. That was the weakest growth since the first quarter of 2009 in the aftermath of the global financial crisis. The International Monetary Fund and private sector economists have cut this year’s Chinese growth forecast to as low as 6.2%, a further marked decline after last year’s three-decade low of 6.6%. The latest Chinese economic weakness appears to be driven by construction and industry, according to Julian Evans-Pritchard of Capital Economics. “Combined with increasing headwinds from US tariffs and weaker global growth, we expect this to culminate in a further slowdown in economic growth over the coming year,” Mr Evans-Pritchard said in a report.

Source: Irish Examiner July 15, 2019 04:41 UTC