China / China reports 3 percent GDP growth for 2022 as December retail sales

Zoom News : Jan 17, 2023, 02:20 PM
Economic Growth Rate: Due to the restrictions imposed in China last year to deal with the Corona virus, the real estate recession, the economic growth rate has fallen to 3 percent. However, after the removal of restrictions, it is gradually improving. According to government data, growth in the world's second largest economy has slowed to 2.9 per cent in a year. Experts say that after the lifting of restrictions, the presence of people in shopping malls and restaurants is gradually increasing.

Bad condition of the world economy

According to the government, it seems that the current wave of infection has passed. Last year's economic growth rate of China was less than half of 2021's 8.1 percent. Due to the Corona epidemic, the world economy is in a bad condition. Last year, China's economic growth rate has come down to 3 percent in 2022 due to the restrictions imposed in China to deal with the corona virus, and the slowdown in the real estate sector. This is the second slowest growth in the world's second largest economy in 50 years.

The presence of people in shopping malls and restaurants increased

According to data from the National Bureau of Statistics, China's GDP in 2022 stood at 1,21,020 billion yuan or $17,940 billion. China's GDP growth rate has been well below the official target of 5.5 percent. Experts say that after the lifting of restrictions, the presence of people in shopping malls and restaurants is gradually increasing. At the same time, according to the government, it seems that the current wave of infection has passed. Earlier in 1974, China's growth rate was 2.3 percent.

Significantly, this year China's GDP rate in dollar value has come down from $18,000 billion in 2021 to $17,940 billion. This happened because of the strengthening of the dollar against the Chinese currency (RMB). China's economy in RMB (RMB) was 1,21,020 billion yuan in 2022, which was 1,14,370 billion yuan in 2021.

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