The world’s second largest economy grew 2.3% in 2020 compared to the previous year, according to government statistics released Monday.
It is China’s slowest annual growth rate in decades – since 1976 the country has had no worse year, when GDP shrank 1.6% during a period of social and economic turmoil.
But during a year in which a devastating pandemic plunged the world’s major economies into recession, China clearly emerged victorious. The expansion also exceeded expectations: the International Monetary Fund, for example, predicted that China’s economy would grow by 1.9% in 2020. It is the only major world economy that the IMF expects to grow.
The pace of recovery is also accelerating. China’s economy grew 6.5% in the fourth quarter compared to the previous year, according to the government. This is faster than the 4.9% growth recorded in the third quarter.
This is a developing story and will be updated.