Beijing: According to China’s National Bureau of Statistics (NBS), the country’s annual GDP growth (China GDP) has fallen by three percent. Which is much less than the official target of 5.5 percent in 2022. Last year, China’s growth rate was the weakest since 1976. If China’s economy continues to decline in this way, then economic recession is bound to come. The impact of this recession will not only be on China, but more than 70 countries of the world will be affected by it.
Due to Covid, there was a decline in the economy of the whole world. China’s economic growth rate has come down to three percent in 2022 due to the restrictions imposed in China last year to deal with the Corona epidemic, and the slowdown in the real estate sector. This is the second slowest growth in the world’s second largest economy in 50 years. According to data from the National Bureau of Statistics, China’s GDP in 2022 stood at 1,21,020 billion yuan or $17,940 billion.
What will be the effect on most of the countries of the world
Looking at the reduction in China’s GDP, speculations are being made that it will have a deep impact on other countries as well. Actually, China’s trade is with more than 70 countries. China imports and exports with Asian countries as well as many European countries. In such a situation, if there is a recession in China, then all these countries will also come under its grip. Countries dependent on China will suffer the most. The worst will happen in the field of electronics.
Job crisis in many other cities of China
The effect of China’s GDP is also being seen on the jobs there. People have started losing their jobs in many cities of China. Many companies are withholding the salaries of the employees. Many people are seen protesting on the streets with banners in their hands demanding salary payment. After these crises came to the fore, the question is arising whether China is hiding the figures of the debt crisis.
