The Strategist

UN expects growth of Chinese economy

01/26/2023 - 06:37

In 2023, China's economic growth will increase to 4.8% from 3% in 2022, according to a UN report on the state of the world economy and its outlook.

UN Photo/Jean-Marc Ferré
UN Photo/Jean-Marc Ferré
China's GDP expanded by 3% in 2022, which was significantly less than the 8.1% growth seen in 2021 and the stated aim of 5.5%, according to the paper.

The recurrent lockdowns brought on by COVID-19 are the main cause of the slowness.

"However, it is anticipated that China's economic growth will pick up in 2023, reaching 4.8%. Despite weak external demand, local consumption and investment are anticipated to rise as a result of policy changes and government initiatives that aim to open up the entire economy starting in late 2022," the study reads.



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