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Montevideo, March 7th 2021 - 22:19 UTC

 

 

China's economy is expected 7,9% this year, forecasts the World Bank

Wednesday, January 6th 2021 - 09:51 UTC
Full article 2 comments
The collapse in global economic activity in 2020 is estimated to have been slightly less severe than previously projected, mainly due to shallower contractions The collapse in global economic activity in 2020 is estimated to have been slightly less severe than previously projected, mainly due to shallower contractions

The global economy is expected to expand 4% in 2021, with China's economy expected to expand by 7.9% this year, World Bank said on Tuesday, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.

The near-term outlook remains highly uncertain, and in a downside scenario in which infections continue to rise and the rollout of a vaccine is delayed, global expansion may be limited to 1.6%. Meanwhile, in an upside scenario with successful pandemic control and a faster vaccination process, global growth could accelerate to nearly 5%. World Bank said.

The collapse in global economic activity in 2020 is estimated to have been slightly less severe than previously projected, mainly due to shallower contractions in advanced economies and a more robust recovery in China. In contrast, disruptions to activity in the majority of other emerging market and developing economies were more acute than expected.

In advanced economies, a nascent rebound stalled in the third quarter following a resurgence of infections, pointing to a slow and challenging recovery. Aggregate GDP in emerging market and developing economies, including China, is expected to grow 5% in 2021, after a contraction of 2.6% in 2020. China's economy is expected to expand by 7.9% this year following 2% growth last year, the WB predicted.

Although the global economy is growing again after a 4.3% contraction in 2020, the pandemic has caused a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period, the bank warned.

China's GDP grew 4.9% in the third quarter, bringing the growth in the first three quarters to 0.7% compared with a year ago. This is the first positive cumulative GDP growth since the outbreak of the novel coronavirus, China's National Bureau of Statistics showed in October

Although the 4.9% is lower than the previously anticipated figure of 5.2%, forecasted by some institutions, it is widely regarded as a noteworthy achievement.

Categories: Economy, Politics, International.

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  • Skip

    Ignoring the Trump arselicker above, China lies... no one can and should believe their economic statistics anymore than they believe their lies on COVID.

    Jan 07th, 2021 - 10:46 am +1
  • sallysandra

    World Bank said PRC economy will expand by 7.9% this year, twice the growth of the global economy of 4% in 2021, yet PRC delays visits by WHO scientists to study the Wuhan virus. President Trump must increase sanctions on communist companies of PRC where secrecy is the hallmark of corruption as they expand totalitarian footprints in BRI to grab resources and support tyrants, kleptocrats and despots to gain resources in return for shoddy projects.

    Jan 06th, 2021 - 11:27 am 0
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