The lockdowns in China are the main cause for the forecast downgrade, with Moody's saying that it will slow the country's growth amid the property downturn and ongoing geopolitical tensions.
"We have lowered our 2022 GDP growth forecast for China to 4.5% from 5.2%, with expectations of a 5.3% pick-up in 2023. We expect a pick-up in fixed-asset investment in the second half, while demand normalization for goods and the weaker currency should support export growth. But consumption will only strengthen if virus concerns wane and restrictions ease."
More on that here.
