The World Bank predicted that in 2021, China’s GDP will increase to pre-pandemic levels of 7.9%. This prediction is based on increased domestic consumption and a stable business environment.
According to the World Bank’s Country Director for China, the current global environment is highly volatile and uncertain, especially due to the novel coronavirus, but China’s economy is set to increase at a stable rate next year.
Because of COVID-19, lockdown, and other measures to contain the virus, China’s economy decreased by 6.8% year-on-year in the first quarter of 2020. However, after effectively controlling the spread of COVID-19 in Q2, the country’s economy started to recover.
Deutsche Bank Asia Research predicted that China’s GDP will increase by 6% in Q4 of 2020, which is the same as it was in Q4 last year, pre-pandemic.
Read more about China’s economy:
- China’s economy grows 4.9% in Q3 amid global uncertainty
- China’s sales of consumer goods up 5% in November
- Xi Jinping outlines China’s economic plans for 2021
- China’s digital economy hit 36.2% of GDP in 2019