China’s economy grew 3% last year, not even half 2021’s rate

Image Source : AP Workers at a assembling factory in China (Representational image)

China’s economic growth fell to 3 per cent last year under pressure from antivirus controls and a real estate slump but is gradually reviving after restrictions that kept millions of people at home were lifted.

Growth of the world’s second-largest economy slid to 2.9 per cent over a year earlier in December from the previous month’s 3.9 per cent, government data showed Tuesday.

Forecasters say activity is reviving but wary consumers are returning only gradually to shopping malls and restaurants amid a surge in COVID-19 infections. The government says the peak of that wave appears to have passed.

Last year’s expansion was less than half of 2021’s 8.1 per cent growth.

ALSO READ | China’s Covid death data hides true toll: Report

ALSO READ | China announces first population decline in recent years

Latest World News