China grows economy at 2.3% in 2020 with COVID-19 stimulus

 

China recorded noticeable growth in its economy with perceived COVID-19 stimulus. It was gathered despite the global setback caused by the coronavirus pandemic in 2020, official data of China’s Gross Domestic Product (GDP) showed on Monday, that the country recorded 2.3 per cent growth in its economy in 2020 which was said to be the slowest in over the past four decades. Curiously, while several other countries are struggling with economic stagnation and recession, China is the only major economy which economy recorded growth at all. China was noted to have recorded a strong rebound from the coronavirus crisis, thus, as the perceived origin of the coronavirus outbreak, many suspect the pandemic caused by the virus was a stimulus for the Chinese economy in terms of supply of preventive materials and the subsequent discovery of vaccines.

While the coronavirus infection that nearly shutdown the world economy sprang from Wuham, Central China, towards the end of 2019, China became the first country to bounce back after strict lockdowns and virus control measures.

The Nigerian economy, for instance, has been in recession after the coronavirus infection ravaging the world, the second in the five years of the All Progressives Congress (APC) government and the administration of President Muhammadu Buhari.

It was gathered that China had targeted 6.0 per cent growth of its economy but only achieved 2.3 per cent in 2020. The Chinese economy was said to have encountered weak domestic demand and trade tensions.

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