BEIJING, June 16 Reuters Four major Western banks have cut their 2023 gross domestic product GDP growth forecasts for China after May data showed a postCOVID recovery was faltering in the world39;s secondlargest economy.

UBS, Standard Chartered, Bank of America BoA and JPMorgan now expect China39;s GDP growth to be between 5.2 and 5.7 this year, down from an earlier range of 5.7 to 6.3.

Data on Thursday showed China39;s economy stumbled in May with industrial output and retail sales growth missing forecasts, adding to expectations that Beijing will need to do more to shore up a shaky postpandemic recovery.

The government has set a modest GDP growth target of around 5 for this year after badly missing its 2022 goal.

UBS economists on Friday cut their GDP forecast to 5.2 from 5.7 and said in a note that they expected more policy support to come.

China39;s central bank on Thursday cut the interest rate on its oneyear mediumterm lending facility, the first such easing in 10 months, paving the way for cuts in the benchmark loan prime rates LPR next week.

Economists at Standard Chartered lowered their 2023 growth forecast to 5.4 from 5.8 previously.

Additional stimulus likely to be measured, as China prioritises improving business climate and confidence, the economists said in a note.

Standard Chartered lowered its forecast for China39;s secondquarter growth to 5.8 from 7. The AprilJune growth is widely expected to be boosted by a low base of comparison given there…