Economy

China Q3 GDP growth picks up faster but there are risks By Stocksak

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© Stocksak. FILEPHOTO: People walk past office buildings in Shanghai’s Lujiazui, China, October 17, 2022. REUTERS/Aly Song

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BEIJING (Stocksak), – China’s economy rebounded faster than expected in the third quarter, according to official data. However, strict COVID curbs, global recession risks, and strict COVID curbs are threatening Beijing’s efforts for a robust revival over next year.

The world’s second-largest economy saw its gross domestic product (GDP), rise 3.9% in the July-September quarter. This was higher than the 3.4% pace predicted by Stocksak polls of analysts and a significant improvement from the 0.4% pace recorded in the second quarter.

On a quarterly basis GDP rose 3.9% in third quarter, against a forecast 3.5% gain or a 2.6% decrease in the previous quarter.

Despite the economic rebound, there are still many challenges facing the economy at home and abroad. China’s zero COVID strategy and strife within its key property sector have intensified the external pressure from Ukraine’s crisis and a global slowdown as a result of interest rate increases to curb inflation.

Stocksak poll predicted that China’s growth would slow to 3.2% by 2022, which is far below the official target at 5.5%. This is one of the worst performances in nearly half a century.

News Source and Credit

Stocksak Editorial

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