Because of the Corona epidemic ChinaHas suffered a major setback. Of China last year GDP Growth is at its lowest level in 40 years. Despite a rebound following the outbreak of the corona virus in the country, China’s economy is growing at the slowest pace in four decades. In 2020, China’s economy will grow by only 2.3%. China’s economy has the smallest area of 2.3% since the Great Recession of the 1970s.
The National Bureau of Statistics (NBS) said that last year’s epidemic had a serious and complex atmosphere in the country and abroad, which had a far-reaching effect. GDP growth in 2019 was 6.1%, the lowest in decades already. Because of the country’s weak domestic demand and the trade war, the economy is in a slump.
Worst condition since 1979
Kovid-19 which destroyed the world economy. The center first exited China in 2019, but became the first country to bounce back after implementing lockdown and virus control measures in the world’s second-largest economy. China’s economy is worth 4 15,420 billion (.4 15.42 trillion), compared to more than 100,000 billion yuan in local currency.
In the last three months of 2020, China’s economic rebound was better than expected growth of 6.5%. There was a slight improvement after the second quarter. However growth for the full year 2020 is still the worst since 1976, when the economy is down 1.6%. Two years ago, former leader Deng Xiaoping proposed moving away from the communist-style central plan to transform China into an industrial, trade and tech powerhouse.
Slower pace than in previous years
According to new figures, industrial production grew by 2.8% annually for 2020, which is slower than in previous years. Retail sales, whose recovery lagged behind industrial activity. The whole year remained at 3.9% as consumers behaved cautiously in the form of epidemics. But the urban unemployment rate remained at 5.2%, and Ning said the number of new jobs in urban areas remained at more than 11 million. This is more than the target of 9 million.