Economy

In 2020, China was the only developed country in which the economy grew

China’s gross domestic product (GDP) in 2020 grew by 2.3 percent, making it the only developed country whose economy grew in the past year, according to Latest published data By the National Statistical Office of China. Growth has occurred despite the epidemic and despite the fact that its economy was in the first three months of 2020 By 6.8 percentCompared to the same period in 2019. In the last quarter of 2020, China’s GDP grew by 6.5 percent, the highest growth in the past two years compared to the same period of the previous year.

The exception to China is more stark when compared to other major economies’ losses, primarily caused by the consequences of the health emergency: The World Bank expects The US economy will contract by 3.6 percent in 2020, while in the euro area, by 7.4 percent. On the other hand, global deflation will be, again according to World Bank estimates, 4.3 percent.

Overall, however, things should improve in 2021, especially as a result of the arrival of coronavirus vaccines: The World Bank expects growth of 3.5 and 3.6 percent for the United States and the Eurozone. On the other hand, China should do better, with a growth estimate for this year of 7.9 percent.

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Thelma Binder

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