Gross domestic product (GDP) growth in China saw its weakest year in nearly 50 years in 2022, putting pressure on policymakers to increase economic assistance this year.
China’s economy expanded by 2.9% year over year in the fourth quarter, down from 3.9% the quarter before, according to the National Bureau of Statistics on Tuesday.
China’s economy shrank sequentially on a quarterly basis in the December quarter, underscoring the costs associated with the strict ‘zero-COVID’ policy put in place.
GDP growth for the entire year was 3.0%, which is much less than the government’s aim of ‘about’ 5.5% and a considerable down from 2021’s 8.4% growth.
While the reported rate was higher than the World Bank’s 2.7 per cent forecast made earlier this month by the World Bank, the 2022 figure marks China’s worst annual performance since 1976, excluding the 2.2 per cent growth that followed the initial Covid hit in 2020.
In 2020, major economies around the world slumped into a deep recession.
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