That 4.8% growth in the first quarter would come after 6% growth in the fourth quarter of 2019.
The bank also cut its forecast for growth for the full 2020 year to 5.5% from 5.8%.
Granted this is just one forecast at a time of extreme uncertainty.
But I would note that China already cut its official growth target to 6% for 2020 in December. The target for 2019 was 6% to 6.5%. The 6.1% growth for all of 2019 was the lowest in nearly 19 years. About two-thirds of China’s provinces, regions, and municipalities have cut their 2020 growth targets from last year, despite a Part 1 trade deal with the United States.