China’s Economy Plows On as World’s Only Major Growth Engine with 4.9% growth in September Quarter

From being the first country where the Covid-19 virus was detected, China is all set to become the only major economy in the world that will grow in 2020. China’s gross domestic product (GDP) expanded 4.9% in the July-September quarter, according to statistics released by the country’s National Bureau of Statistics.

Given its position as the world’s second largest economy, China’s V-shaped recovery has generated hopes of a rare growth cushion across the globe.

Its GDP contracted by 5.3% in the January-March quarter, grew 3.2% in April-June, and further improved in July-September. While the September quarter figure is lower than the 5.2% estimated by a Reuters poll of analysts, China is all set to become the only major country to escape a GDP contraction this year, Eswar Prasad, an economist from Cornell University, told the Financial Times.

Donald Trump GIF by INTO ACTION
Meanwhile, statement remain true for many nations

The International Monetary Fund (IMF) has predicted that China’s GDP will grow 1.9% this year in its World Economic Outlook released earlier this month.

China’s growth numbers also underscore the importance of containing the spread of the Covid-19 pandemic for an economic recovery. Not only did China quickly contain the spread of the virus, it has been able to prevent a second wave of infections so far, unlike other major countries.

The US, which is the world’s largest economy, is beginning to see a third wave while countries India, even though there has been a dip in the first wave, continue to report quite large numbers.

शेयर करे

Be the first to comment

Leave a Reply