World Politics – China’s Economy on the Road to Rapid Recovery
While the world remains in the grip of a crippling pandemic that shows little sign of coming to an end soon, China defied the odds by seeing their economy begin to improve in 2020. In numbers released on Monday, China economy saw a 2.3% increase in 2020 when compared to the previous year, and while that number may not be huge, it is a good deal better than what we are seeing in other nations across the globe.
While any improvement is good in the current climate, it should be noted that this growth percentage is still smaller than what China has been used to over the past few decades. It is, in fact, the slowest annual growth rate that the country has seen since 1976. In world politics, though, there are many nations struggling through the pandemic who would be more than happy with any kind of economic growth.
There are many in world politics who are surprised to see this rate of growth in China, as it exceeds what experts believed the number would be. The International Monetary Fund had initially projected that China would be looking at a percentage growth of around 1.9%, but the Chinese recovery now looks to be full steam ahead, with third quarter numbers well outpacing all expectations.
These numbers looked to be impossible in the early part of 2020, with China seeing their GDP shrink by 7% in the first quarter. The government, though, was quick to put measures in place designed to turn things around as soon as possible. Cash handouts and aiding in industrial production and large infrastructure projects were quickly put in place, all of which paid off over the long haul.
The Chinese were also quick to go into lockdown
At the start of the pandemic and were also one of the first countries to come out of it, which certainly helped their cause. As good as the numbers are, there are still some areas that need improvement. Retail sales still remain sluggish in China, although there were signs of recovery in the final two months of the year. A resurgence in COVID cases is believed to be the main reason for the poorer performance in retail.
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