Image: FileOne of the world’s largest economies is taking off.
China that was hit with the coronavirus starting in December of 2019, is now seeing massive growth.
“China’s economy surged 18.3% in the first quarter from a year earlier, a record rate of growth that was flattered by the coronavirus-induced trough at the start of 2020, but that also reflects continued momentum in the world’s second-largest economy,” reports the Wall Street Journal.
The U.S. economy is expected to grow at a rate of 6%.
“The rate of gross domestic product growth in the first three months of 2021 was sharply higher than the 6.5% year-over-year growth recorded in the final quarter of 2020, though it fell short of the 19.2% growth expected by economists polled by The Wall Street Journal. Analysts had anticipated GDP growth in the first three months of the year to jump sharply when compared with the year-earlier period, when the Chinese economy suffered a historic 6.8% contraction as the coronavirus’ initial emergence forced Beijing to shut down large swaths of the country,” reported WSJ.
According to FT, “The data underscored the rapid pace of recovery in China, where a frenzy of industrial activity and low Covid-19 infection rates combined to push growth above pre-pandemic levels by the end of last year, and far beyond the performance of other big economies.”
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