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The world’s second-largest economy grew 2.3% in 2020, compared to 2019, according to government statistics released Monday.
It’s China’s slowest annual growth rate in decades. The last time the country’s economy grew more slowly than in 2020 was in 1976, when GDP fell 1.6% in a period of social and economic upheaval.
But in a year in which a crippling pandemic has plunged the world’s major economies into recession, China has clearly come out on top, reports CNN.
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Furthermore, economic growth has exceeded expectations: the International Monetary Fund, for example, predicted that China’s economy will grow by 1.9% in 2020.
Figures show that the pace of economic recovery in China has accelerated as the end of the year approaches.
China’s economy grew by 6.5% in the fourth quarter compared to the previous year, and in the third quarter it grew by 4.9%.
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