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China GDP: second-lowest economic growth in almost 50 years looms after coronavirus-ravaged 2022
- China’s economy is expected to have grown by 2.8 per cent last year and by 1.9 per cent in the fourth quarter of a coronavirus-ravaged year 2022
- China’s full-year growth figure, if confirmed officially on Tuesday, will only be slightly better than the 2.2 per cent growth seen in 2020, which was the lowest since 1976
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China is set to record its second-lowest economic growth in almost 50 years following another coronavirus-ravaged year in 2022, with its recovery after its abrupt reopening and efforts to address multiple headwinds set to shape world economic prospects this year, according to analysts.
The world’s second-largest economy is expected to have grown by 1.9 per cent in the fourth quarter of last year, down from 3.9 per cent in the previous quarter, according to Chinese data provider Wind.
Overall, China’s economy is expected to have grown by 2.8 per cent last year, short of the official target of “around 5.5 per cent” and in sharp contrast with revised 8.4 per cent growth in 2021.
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On Thursday, the head of the International Monetary Fund urged China to move forward with reopening its economy, calling the nation’s transition from its zero-Covid policy to more normal functioning likely the single most important factor for global growth in 2023.
What is most important is for China to stay the course, not to back off from that reopening
“What is most important is for China to stay the course, not to back off from that reopening,” said Kristalina Georgieva, who visited the world’s second-largest economy last month for the first time since the start of the pandemic.
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