China Becomes First Major Economy To Grow Since COVID-19 Pandemic


China becomes first major economy to grow since coronavirus pandemic as its economy rebounded from a painful contraction to grow by 3.2 per cent over a year earlier in the latest quarter as anti-virus lockdown were lifted and factories and stores reopened.

The Economic Growth which was reported on Thursday for the three months ending in June was a dramatic improvement over the previous quarter’s 6.8 per cent contraction, China’s worst performance since at least the mid-1960s. But it still was the weakest positive figure since China started reporting quarterly growth in the early 1990s.

China, where the coronavirus pandemic began in December, was the first economy to shut down and the first to start the drawn-out process of recovery in March after the ruling Communist Party declared the disease under control.

The National Bureau of Statistics said in a statement, “The national economy shifted from slowing down to rising in the first half of 2020”. 

Economists say China is likely to recover faster than some other major economies highlighting that “The pandemic is creating winners and losers, as Manufacturing is leading China’s recovery”.

Also, China is recovering its economy due to the ruling Communist Party’s decision to impose the most intensive anti-disease measures in history. Those cut off most access to cities with a total of 60 million people and suspended trade and travel – steps later imitated by some Asian and European governments as the virus spread.

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