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China Forecasts slower Economic Growth in 2020 due to Covid-19

Former Central Bank advisor Li Daokui Former Central Bank advisor Li Daokui
Beijing, Feb 22 (Prensa Latina) China's Gross Domestic Product (GDP) will lose momentum and will only expand between 5.3 and 5.9 percent in 2020, due to strong internal pressures arising from the current Covid-19 coronavirus epidemic, local experts predicted on Saturday.
Former Central Bank advisor Li Daokui told the Global Times that this result would impact the entire world economy because China is the main manufacturing power and also has high demand for imports.

The bank's pre-break forecasts pointed to a 6.1 percent boom this year, but following a cautious look due to the persistence of the complexities, risks and challenges facing the nation, and suggested focusing on stabilizing the economy.

Meanwhile, economist Liu Xuezhi warned that China would only achieve a 5.3 point GDP growth, then its contribution to global growth would drop from 30 to 20 percent and it would be a major blow to the entire planet.

China's GDP in 2019 grew by 6.1 percent, a figure in line with the range of expansion expected in the midst of a tough year due to the intensification of the trade war with the United States, but it is slowest growth since 1990.

According to a World Bank survey, the pace will drop to 5.9 percent this year and 5.8 percent in 2021 due to the growing influence of domestic and external factors.


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