Chinese Economy Returns to Pre-Pandemic Growth Level
October 19, 2020
China’s economy grew by 4.9% in the third quarter as compared to a year earlier. Though the numbers fall short of the 5.3% projected by economists who were polled by The Wall Street Journal, they are nearly in line with projections from the beginning of the year. Forecasts for the nation’s growth made in January, when the virus was largely contained to specific regions of the country and had not yet disrupted the global economy, estimated growth between 5.5% and 6%.
Following a historic 6.8% contraction in the first three months of the year and a rebound of 3.2% growth in the second quarter, China is now on track to see 1.9% growth for 2020. This makes the nation the only major world economy to grow this year. For comparison’s sake, the U.S. economy is expected to contract by 4.3%, and the eurozone is likely to see a contraction of 8.3%, according to the IMF.