Weakest in 40 years, china’s economy grows 3% in 2022

Weakest in 40 years, china’s economy grows 3% in 2022

The official data released on Tuesday shows China’s economy grew by 3.0 per cent in 2022. One of the weakest rates in 40 years owing to the Covid-19 pandemic and a real estate crisis.

Beijing had set itself a target of 5.5 per cent, a rate already much lower than the performance of 2021 when the country’s GDP increased more than eight per cent.

China’s economy grew 2.9 per cent In the fourth quarter, year-on-year, compared with 3.9 per cent in the third quarter, the National Bureau of Statistics said.

The world’s second-largest economy encountered historic headwinds as 2022 drew to a close, with exports plunging last month due to a drop in global demand and rigid health restrictions that hammered economic activity.

Recent data and figures represent China’s worst growth figures since a 1.6 contraction in 1976 — the year Mao Zedong died — and excluding 2020 after the coronavirus emerged in Wuhan in late 2019.

 

 

 

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