The economy of China has to deal with power shortages; hence Goldman Sachs has to cut its growth forecast. Goldman Sachs has become the first investment banking giant which cut its growth forecast for China.
It is forecasted that the world's second-largest economy has to expand this year by 7.8%. It is a decline from the previous year from 8.2%. The firm said many industries have to cut operational costs due to power outages while significantly reducing them. Environmental and other external factors have been affected power supply in terms of shortages. Meanwhile, many firms and the public sector has been left without energy supplies.
China's industrial and manufacturing operational activities have been affected by 44%. Moreover, shortages in the supply of electricity have badly hit...
