Video: China’s economic growth slows significantly in the fourth quarter

STORY: China’s economic growth slowed significantly in the fourth quarter due to the country’s strict corona restrictions. According to data from the National Bureau of Statistics, the Chinese economy grew 2.9 percent year-on-year in the October-December 2022 period. In the third quarter, the Chinese economy grew by 3.9 percent. In 2022, the Chinese economy grew by 3.0 percent, well below the official target of “around 5.5 percent”. In 2021, gross domestic product had grown by 8.4 percent. With the exception of economic growth after the first corona wave in 2020, this is the worst result since 1976, the last year of the decade-long Chinese Cultural Revolution. Experts spoke of a gradual recovery in the economy after the recent lifting of the so-called zero-Covid strategy, which had tied millions of Chinese to their homes. But the easing has also led to a sharp increase in corona infections. According to economic experts, this could further impair growth in China in the short term.

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