China Economy: China’s booty on the verge of sinking! The heavy decline in GDP, the threat of recession in more than 70 countries
China GDP: Due to Covid, the economy of many countries has been adversely affected. Now its effect has been seen in China as well. Disturbing news about China’s economy has come to the fore. There has been a huge decline in China’s GDP. China’s annual GDP growth has declined by 3 percent.
Highlights
- China’s annual GDP declined by three percent
- China’s growth rate slowest since 1976
- The concern of countries dependent on China increased
Beijing: According to China’s National Bureau of Statistics (NBS), the country’s annual GDP growth (China GDP) has fallen by three percent. Which is much less than the official target of 5.5 percent in 2022. Last year, China’s growth rate was the weakest since 1976. If China’s economy continues to decline in this way, then economic recession is bound to come. The impact of this recession will not only be on China but on more than 70 countries of the world will be affected by it.
Due to Kovid, there was a decline in the economy of the whole world. China’s economic growth rate has come down to three percent in 2022 due to the restrictions imposed in China last year to deal with the Corona epidemic, and the slowdown in the real estate sector. This is the second-slowest growth in the world’s second-largest economy in 50 years. According to data from the National Bureau of Statistics, China’s GDP in 2022 stood at 1,21,020 billion yuan or $17,940 billion.
what will be the effect on most of the countries of the world
It will also have a deep impact on countries. Actually, China’s trade is with more than 70 countries. China imports and exports with Asian countries as well as many European countries. In such a situation, if there is a recession in China, then all these countries will also come under its grip. Countries dependent on China will suffer the most. The worst will happen in the field of electronics.
Job crisis in many other cities of
China The effect of China’s GDP is also seen in the jobs there. People have started losing their jobs in many cities in China. Many companies are withholding the salaries of their employees. Many people are seen protesting on the streets with banners in their hands demanding salary payment. After these crises came to the fore, the question is arising whether China is hiding the figures of the debt crisis.
