The only major economy in the world to have grown in 2020?

The Chinese economy grew by 2.3% in 2020 despite the impact of the coronavirus pandemic, and the economic recovery in China accelerated in the last three months of 2020 and returned to pre-crisis levels. crisis.

China has thus become the only major economy in the world whose economy did not contract last year due to the difficulties many countries are facing in containing the Covid-19 pandemic.

The Chinese economy returned to growth in the second quarter of 2020, after a historic 6.8% contraction recorded at the start of the year. Between April and June 2020, the Chinese economy grew by 3.2% and in the third quarter, the Chinese economy grew by 4.9%.

While China’s GDP jumped in the fourth quarter of the previous year by 6.5% compared to 2019.

China’s rapid recovery has been supported by positive dynamics in industry and trade, but domestic consumption, one of its main economic drivers, is still seen as a weakness.

Retail sales growth slowed to 4.6% last December and declined 3.9% for the full year of 2020, according to the data. Closures hit restaurant sales the most, with a decline of around 17%, while online sales, as well as sales of communications equipment, cosmetics and jewelry, recorded remarkable growth.

Source: Agencies

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