The World Bank announced yesterday (September 28) that China’s economy is expected to grow by 2% in 2020, up from the 1% growth projection released in June. Earlier in the year, the Chinese government announced that it was scrapping its GDP target for this year due to the uncertainty produced by the pandemic.
Despite the huge economic impact of COVID-19 in the first quarter of the year, China’s economy has been boosted by government spending, strong exports, and a low rate of new COVID-19 infections since March 2020.
China’s GDP is set to end the year with a positive result and the economy will make up all its 2020 losses next year.Ex-Goldman Sachs economist Jim O’Neill
In August, the Bank of England stated that the UK economy is predicted to contract by 9.5% this year, which is one of the highest rates of contraction in history.