China’s GDP growth comes down to 3% in 2022

17 Jan 2023 , 02:23 AM

China’s GDP in 2022 grew by 3%. Zero Covid policy had a severe  adverse impact on the economy of the country in the year.

The GDP has registered its second lowest growth rate in 50 years in the world’s second-largest economy, according to official data released on Tuesday. The annual GDP of China aggregating to 121.02 trillion yuan (USD 17.94 trillion) in 2022, falling below the 5.5 per cent official target, the National Bureau of Statistics (NBS) said on Tuesday.

According to the report, the slow pace was affected mainly on the strictly implemented zero-Covid policy leading to periodic lockdowns and the ruling Communist Party’s crackdown on big industrial firms besides the lingering real estate crisis.

This is the slowest growth of the Chinese economy since the 2.3 per cent registered in GDP in 1974.

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