China Economy Grows 4.9% as Rest of World Struggles With Coronavirus
On Monday, China was leading worldwide efforts to get the gross domestic product back on track following the COVID-19 pandemic that sent several countries into recession. China nearing its pre-COVID-19 trajectory, off by about half a year. The pandemic’s accompanying lockdown measures were detrimental to countries worldwide, most of which have not begun to recover economically.
The third-quarter growth figure was allegedly not within the target range, however, it still lands China at the forefront of worldwide economic recovery. China’s second-quarter growth was also optimal at 3.2%, while this quarter represents a 4.9% increase in GDP after a 6.8% contraction occurred in the first quarter of 2020. In contrast, the US economy is projected to shrink by 4.3% this quarter and the eurozone is predicted to contract by 8.3%, according to an update released by the International Monetary Fund earlier this month.