China’s economy grew 8% in 2021

BEIJING:

China’s economy expanded at its fastest pace for 10 years in 2021, according to an AFP poll of analysts, but its strong recovery from the Covid-19 pandemic is threatened by Omicron and a property sector slowdown. The 8% growth would be well above the government’s target of more than 6%, and comes on the back of a strong start to the year as a “zero-Covid” policy allowed the country to lead the global economic recovery. China’s exports surged nearly 30% last year on solid global demand as countries reopened from the pandemic lockdowns, boosting its stuttering economy. But the country’s recovery in the second half of 2021 was hobbled by a series of outbreaks - with officials re-imposing strict containment measures - as well as power outages caused by an emissions-reduction drive, supply chain problems and surging energy costs. While the forecast marks a healthy annual tick those issues put a dampener on factory activity and led to businesses shuttering. 

Published in The Express Tribune, January 16^th, 2022.

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