June 23, 2021

Info IEC

Business & Finance Information

China Is the Only Major Economy to Report Economic Growth for 2020

BEIJING—China’s economy expanded by 2.3% in 2020, roaring back from a historic contraction in the early months of the year to become the only major world economy to grow in what was a pandemic-ravaged year.

China’s ability to expand, even as the world struggled to control a deadly virus that has killed more than two million people, underscores the country’s success in largely taming the coronavirus within its borders and further cements its place as the dominant economy in Asia.

China’s growth makes it an outlier among large economies. The World Bank expects the U.S. economy to contract by 3.6% this year and the eurozone’s to shrink by 7.4% in 2020, contributing to a global economic pullback of 4.3%.

China’s economy, the world’s second largest, finished the year on a high note. Gross domestic product rose 6.5% in the fourth quarter from a year earlier, according to data released by the National Bureau of Statistics on Monday, marking China’s best quarter of year-over-year growth in two years.

By comparison, China’s GDP rose by 3.2% and 4.9% in the second and third quarters of the year, respectively, after suffering a historic 6.8% contraction in the first.



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