China – is the only country with a large economy to show positive growth of 2.3% against the backdrop of the coronavirus pandemic in 2020.
Already by the end of the 4th quarter of 2020, the country was able to return to the «prepandemic» level of growth. Thus, while GDP declined at an annualized rate of 6.8% in the first quarter of 2020, it was able to return to a growth rate of 3.2% in the second quarter, 4.9% in the third quarter, and 6.5% in the fourth quarter. GDP in 2020 was 101.59 billion yuan (more than 15 trillion USD). The PRC government timely imposed strict restrictive measures to prevent the spread of coronavirus infection in early 2020 and adopted a number of anti-crisis measures aimed at maintaining and restoring the economy.
According to the updated IMF World Economic Outlook (April, 2021), economic growth in China is expected to be 8.4% this year, with a decline of 5.6% in 2022.
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