Following 3 years of strict controls to stifle the spread of Covid-19, the Chinese economy is now ready to rebound, with most analysts predicting GDP growth of around 5 percent this year.
The global pandemic presented a major blip in China’s consistent growth of around 6-7 percent in the last decade. As the world began to shut down in early 2020, the Chinese economy followed suit and GDP growth took a huge hit. Unlike much of the world, there was a relatively quick rebound in early 2021 but then 2022 presented many challenges once again as the strict controls closed many businesses and dampened industrial output.
Now that China has finally relaxed its zero-covid policy, the economy has been kickstarted again. Economists are optimistic that this year GDP will grow by around 5%, and with it an increase in employment, rising incomes and a return to a strong Chinese export sector.
GDP Growth (%)
Q1. Explain how GDP is measured.
Q2. Draw a diagram to show the increase in GDP that China is expected to experience this year.
Q3. Discuss whether or not rising GDP is a good indicator that living standards are also improving in a country like China.
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