Economy: China’s economy grows slower than expected

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Emma Teitel
Emma Teitel
Emma Teitel is an award-winning national affairs columnist with the Toronto Star who writes about anything and everything. She got her start at Maclean's Magazine where she wrote frequently about women's issues, LGBT rights, and popular culture.

As a sign of sustained recovery after the Corona break-in at the beginning of the year, has grown China’s economy in the third quarter again. The second-largest economy grew year-on-year by 4.9 percent, as the Beijing Bureau of statistics announced on Monday.

Although this is less than many analysts had hoped. Experts had forecast, on average, with a Plus of 5.5 percent. However, China submitted the result to the previous break-in in the spring to more than compensate for. China’s economy grew at according to the official data, in the first nine months of the year to 0.7 percent.

In the first quarter, China recorded for the first Time since the beginning of the official records in 1992, a decline of 6.8 percent.

The economy jumped again, because of the country lock, with strict measures such as the closure of millions of cities, strict Isolation and Entry, the Virus was able to faster out of control than other States. In the second quarter, growth was already back at 3.2 percent.

As the statistical Agency reported further, showed also other important indicators in the third quarter of improvements: for example, the industrial production increased by 5.8 per cent and retail sales registered an increase of 0.9 percent compared to the previous year.

Economists expect that China will be in this year, the only major economy that can complete the year with positive growth. The recovery is proceeding faster than expected, it said so last week, in a new forecast by the International monetary Fund.

Accordingly, the Chinese economy would expected to grow this year by 1.9 percent, 0.9 percentage points more than in the June estimate. For 2021, the monetary Fund still expects growth of 8.2 percent.

For Germany, a decline of 6.0 per cent this year and then an increase to 4.2 percent is expected. In the USA, the economy will shrink according to the forecast, in 2020, by 4.3 percent, and then grow next year by 3.1 percent.

In addition to extensive economic aid, China’s economy has benefited recently from stronger foreign trade. The exports of the second largest economy increased in September year-on-year to 9.9 percent, as the Beijing customs administration last week announced. The imports were, therefore, in the same period by 13.2 percent.

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