The country’s GDP grew by 3.0% last year, below the official target
China’s economic growth in 2022 slowed to one of its worst levels in nearly half a century. Reuters reported this on January 17.
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It was noted that the fourth quarter was hit hard by strict restrictions against COVID and a downturn in the real estate market.
“Quarterly growth and some December numbers such as retail sales beat market expectations, but analysts said overall economic momentum in China remains weak,” the article said.
In 2022, China’s GDP rose 3.0%, short of the official target of 5.5% and slowing sharply from 8.4% growth in 2021.
“If we exclude the 2.2% growth after the first impact of COVID-19 in 2020, this is the worst performance since 1976, the last year of a decade of the Cultural Revolution that destroyed the economy,” the agency insisted.
Moody’s economist Harry Murphy Cruz said 2023 will be a “bumpy” year for China as the country must navigate the threat of new waves of COVID-19, a difficult real estate market and weak global demand for exports.
Reuters predicts that China’s economic growth will increase to 4.9% in 2023 as China’s leaders grapple with several key issues.
“A strong recovery in China could dampen an expected global recession, but it could also prompt new inflationary concerns around the world as policymakers begin to grapple with record price increases, ” concluded the agency.
It was previously reported that in 2022, China’s population will decrease for the first time in 60 years.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.