18 September
China’s economy was earlier predicted to contract but new estimates show that the country may post growth during the year.
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Ray Fisman, economics professor at Boston University, shared an article on how China is the only G20 country expected to witness a positive economic growth in 2020, according to the Organisation for Economic Cooperation and Development (OECD).
The OECD has revised its forecast for China’s growth to 1.8% from the previous forecast of 3.7% contraction in June.
China has brought the coronavirus outbreak under control and has been able to reopen businesses enabling a quicker economic rebound than previously expected.
China’s recovery, however, will not be a driver for global growth, as the country’s economy is now more dependent on domestic consumption rather than exports.
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By GlobalDataThe OECD also noted that the global economy is slowly moving towards recovery as household spending on consumer durables increased.
