UBS on Monday lowered its forecast for China's GDP growth in 2009 to 8% from 8.8%, citing a much weaker global growth outlook and forecasts of a deeper and longer U.S. recession. It is the second time in less than three months that UBS has lowered its forecast for Chinese GDP growth next year. The bank's China economist, Tao Wang, also lowered her forecast for GDP growth this year to 9.6% from 10%. Wang added that she expected annual consumer inflation to drop to 4% by the end of the year and to average 2.6% in 2009.
