China’s long-standing zero covid policy is almost over and the country’s economy is expected to recover to 4.9% growth this year.
According to the median forecast of about 50 economists interviewed by Reuters, China’s GDP is likely to grow by only 2.8% in 2022. A low figure, due to drastic health restrictions, which have changed the lifestyle and consumption patterns of the population and businesses.
According to the Reuters survey, the expected growth rate in China in 2022 should therefore be much lower than the official target of 5.5%. Not counting the 2.2% growth rate in 2020, which followed the initial pandemic-related shock, 2022 is expected to mark the worst annual performance of China’s economy since 1976.
According to the Reuters survey, due to the tightening of covid 19-related measures, China’s GDP probably grew by only 1.8% in the fourth quarter of 2022, compared with 3.9% growth in the third quarter. Quarter-on-quarter, the country’s economy is expected to have contracted by 0.8% in the fourth quarter, compared with growth of 3.9% between July and September.
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