China’s economy to expand by 7.9% - WB | Daily News

China’s economy to expand by 7.9% - WB

The global economy is expected to expand 4 percent in 2021, with China’s economy expected to expand by 7.9 percent this year, the World Bank said on Tuesday, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.

Although the global economy is growing again after a 4.3 percent contraction in 2020, the pandemic has caused a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period, the organization warned.

China’s GDP grew 4.9 percent in the third quarter, bringing the growth in the first three quarters to 0.7 percent compared with a year ago. This is the first positive cumulative GDP growth since the outbreak of the novel Coronavirus, National Bureau of Statistics showed in October.

Although the 4.9 percent is lower than the previously anticipated figure of 5.2 percent, forecasted by some institutions, it is widely regarded as a noteworthy achievement. China’s economy has shown resilience while casting off the impact of the epidemic.- (Global Times)