People in China are so discouraged about the economic outlook that many have taken to social media to call it the “garbage time of history,” referring to the end of NBA games when the result is settled and players go through the motions until time runs out.
Use of the phrase earned rebukes from state-run media over the summer, but it tapped into a deepening gloom that has spread to Wall Street as fresh data point to worsening weakness in top economic drivers. Bank of America recently cut its 2024 growth forecast to 4.8% from 5% and sees further slowing in the next two years to 4.5%.
