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THE ECONOMY HAS STARTED TO GROW AGAIN IN CHINA
In China, where Covid-19 began spreading, the economy has started to grow again. China had a hard time in the first quarter of the year due to Covid-19.
Yazar: Tom Roberts
Yayınlanma: 16 Temmuz 2020 21:35
Güncellenme: 19 Aralık 2024 10:03
THE ECONOMY HAS STARTED TO GROW AGAIN IN CHINA
In China, where Covid-19 began spreading, the economy has started to grow again. China had a hard time in the first quarter of the year due to Covid-19. The Chinese economy grew by 3.2 percent in the second quarter of 2020, above expectations. In the country, which is the center of the Corona virus, the economy shrank 6.8 percent in the first quarter of the year and had the worst economic performance since 1992. According to the report in Reuters, experts say that the growth of China is not demand-driven, is a question mark for the future. Strategist Rodrigo Catril commented, "We see an industry-driven growth as a result of government assistance." In the first half of the year, after the first two quarter data came, China contracted 1.6 percent compared to the same period of the previous year.China, which has closed its economy in the first quarter of the year in order to prevent the spread of the coronavirus and has been struggling so well with the subsequent outbreaks, is claiming global leadership in the global fight against deadly disease. However, the conservative incentive approach has only created a moderate internal recovery, and the economy is still very vulnerable to disruptions to external demand, with the reintroduction of quarantine measures in some other parts of the world.
Other datas about economy of China announced today are as follows;
* Industrial production increased by 4.8 percent compared to the same period last year and caught the median forecast of economists.
* Retail sales fell 1.8 percent and lagged behind the 0.5 percent increase expectation.
* Fixed capital investments contracted 3.1 percent in the first half of the year. The expectation was that the contraction would be 3.3 percent.
* Industrial production fell 1.3 percent in the first half of the year and retail sales contracted 11.4 percent.
* Unemployment rate fell to 5.7 percent for urban areas
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