China GDP: China’s economic growth rate has come down to three percent in 2022 due to the restrictions imposed last year to deal with the Corona virus, and the slowdown in the real estate sector. This is the second slowest growth in the world’s second largest economy in 50 years. This information has been received from the official data released on Tuesday.
China’s economic growth rate to decline to 3% in 2022, second lowest 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. China’s GDP growth rate has been well below the official target of 5.5 per cent. Experts say that after the lifting of restrictions, the presence of people in shopping malls and restaurants is gradually increasing. At the same time, according to the government, it seems that the current wave of infection has passed.
GDP declines on China’s currency reform
Earlier in 1974, China’s growth rate was 2.3 percent. It is noteworthy that this year China’s GDP rate in dollar value has come down from $18,000 billion in 2021 to $17,940 billion. This has happened because of the strengthening of the dollar against the Chinese currency (RMB). In RMB, China’s economy will be 1,21,020 billion yuan in 2022, up from 1,14,370 billion yuan in 2021.
Corona continues to wreak havoc in China
At present, the situation in China is very bad due to Corona and recently it has been claimed that more than 60,000 deaths have occurred due to this epidemic in a month. Due to the lockdown in China, economic activities came to a standstill for a long time and the effect of this has been seen that the economic growth rate here has fallen to the second lowest level in the last 50 years.
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