February 13, 2020 / 1:46 PM / 8 days ago

HSBC cuts China economic growth forecast on coronavirus impact

FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid/File Photo

LONDON (Reuters) - HSBC said on Thursday it had lowered its first-quarter forecast for mainland China’s economic growth to 4.1% year-on-year from 5.8% due to the fallout from coronavirus.

The bank also cut its China full-year growth forecast to 5.3% from 5.8%, adding the impact was already starting to be felt in tourism, trade, supply chains and elsewhere.

HSBC lowered its full-year estimate for global growth to 2.3% from 2.5%, adding it expected the brunt of the impact in the first quarter, with some improvement as the year progresses.

Reporting by Tom Arnold; Editing by Alison Williams

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