COVID-19 pandemic has punctured China’s growth wheel, reports Financial Post
China Economic Growth Rate: According to China’s National Bureau of Statistics (NBS), the country’s annual GDP growth has dropped to 3 percent, well below the official target of 5.5 percent in 2022.This slow economic growth in China can give impetus to the worldwide economic recession.
According to the Financial Post, at the World Economic Forum 2023 held in Davos, Liu He, Vice Premier of the People’s Republic of China, while talking about the concerns and challenges facing China and the global economy, said that China has been going through difficult times for the last five years. Used to be.
He said, “Over the past five years, we have experienced all kinds of unexpected events, and witnessed profound changes in the world’s political and economic landscape. Therefore, the theme of this year’s annual meeting is ‘Cooperation in a Fractured World’Read More may not be relevant.”
The Financial Post report said that the Kovid-19 epidemic has punctured the wheel of China’s development.China’s GDP growth has decreased compared to the forecasts published by the IMF in October 2022.In the IMF forecast, China’s GDP growth rate was expected to be around 4.4 percent.Behind this was the sharp rise in the Chinese currency against the dollar in 2021.But this is the slowest growth of the Chinese economy since GDP growth was 2.3 percent in 1974.” That is, Chinese GDP growth has come down to the lowest in the last 48 years.
Significantly, due to Coronavirus, the Chinese economy is in a bad state.China’s economic growth rate has been affected due to Covid restrictions.China’s GDP growth rate is less than half of India’s estimated growth rate of seven per cent.The World Bank and the International Monetary Fund have fixed their forecast for India at 6.9 per cent.
