2020 is a year to forget, but we won’t… and despite the economic woes from all over the world, the Chinese economy still managed to finish the year slightly bigger than it was 365 days before.
In reality 2.3% GDP growth is incredibly modest by Chinese standards, and in fact the lowest it has been in more than forty years. That being said, given the unprecedented economic challenges in the year of the Coronavirus, 2.3% growth is actually quite impressive: China was the only major economy in the world to avoid contraction.
Data from the National Bureau of Statistics showed that GDP in China grew by 6.5% year-on-year in the fourth quarter of 2020, a strong finish to the year largely fueled by a much stronger than expected export sector. Consumption across the country of 1.4 billion people remained sluggish though, as both consumers and producers alike remain wary of a second wave of Covid-19 cases.
Economic analysts are now predicting the Chinese economy to make a strong rebound this year, with figures calculated in the region of 8% GDP growth.
Q1. Explain what is meant by the term GDP.
Q2. Explain the relationship between the export sector and GDP.
Q3. Explain the link between consumption and GDP.
Q4. Discuss the likelihood of the Chinese economy growing by 8% this year.
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