Asked about his outlook, Sutter said he expected “growth of around 5 percent for 2023.”
“I assume in the third quarter things will loosen up, everyone will be back in business mode, contracts will be signed and the economy will be back on its track,” he said.
Data from China’s National Bureau of Statistics (NBS) last month showed that the consumer price index (CPI), a main gauge of inflation, rose 1.6 percent year-on-year in November, down from the 2.1 percent uptick in October.
“With an overall global supply crunch for energy and raw materials due to the security situation in Europe … we expect that prices for energy and raw materials will go up,” Sutter said.