China's Economy Records Weakest Growth in Decades In 2023

  • Beijing, China
  • 16 January 2024
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China's economy recorded its lowest annual growth rate in more than three decades in 2023, as it was hit by a real estate crisis accompanied by weak consumption and global uncertainty.

According to a group of ten experts interviewed by AFP, China's GDP rose by 5.2 percent, the lowest rate since 1990, except during the coronavirus pandemic.

The figure will represent an improvement from 3 percent in 2022, although business activity that year was hit by tight health restrictions designed to contain the virus. After lifting the measures, Beijing set itself a growth target of around 5 percent for 2023.

Source (Al Khaleej Emirati Newspaper, Edited)

 

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