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From 1979 until 2010, China's average annual GDP growth was 9.91%, reaching a historical high of 15.2% in 1984 and a record low of 3.8% in 1990. Based on the current price, the country's average annual GDP growth in these 32 years was 15.8%, reaching an historical high of 36.41% in 1994 and a record low of 6.25% in 1999.
China's was the only major world economy to experience GDP growth in 2020, when its GDP increased by 2.3%. [ 95] However, it posted one of its worst economic performances in decades because of COVID-19 in 2022. [ 96] In 2023, IMF predicted China to continue being one of the fastest growing major economies. [ 97]
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
The International Monetary Fund has upgraded its forecast for China’s economy, while warning that consumer-friendly reforms are needed to sustain strong, high-quality growth. The IMF's report ...
The International Monetary Fund on Wednesday downgraded its 2023 and 2024 growth forecasts for the Asian giant, saying the property slowdown could cause China's GDP to decline.
He expressed confidence that the country will maintain a healthy and sustainable growth in the coming months. China’s economy grew 5.2% in 2023. While this expansion marked a significant pick-up ...
Countries by Real GDP Growth Rate in 2023 (Data from IMF WEO Database, April 2024) This article includes a lists of countries and dependent territories sorted by their real gross domestic product growth rate; the rate of growth of the value of all final goods and services produced within a state in a given year.
Last year, China also set an “around 5%” target, in what was then the country’s lowest numerical target announced in decades. Earlier this year, it said economic growth had reached 5.2% in 2023.