Business

China’s Q3 GDP growth recovers at a faster pace, but risks remain


BEIJING: China’s economy recovered at a faster-than-expected pace in the third quarter, official data showed on Monday, but strict COVID curbs and risks of a global recession are challenging acknowledge Beijing’s efforts to spur a strong recovery next year.
The gross domestic product (GDP) of the world’s second-largest economy grew by 3.9% in the July-September quarter, higher than the 3.4% forecast in a US poll. analysts by Reuters and up from a 0.4% pace in the second quarter.
On a quarterly basis, GDP grew 3.9% in the third quarter, compared with forecasts for a 3.5% increase and a 2.6% decline in the previous quarter.
Despite the recovery, the economy is facing challenges on many fronts at home and abroad. Zero-Covid strategy and conflict in China’s key real estate sector have exacerbated external pressures from Ukraine global crisis and recession caused by raising interest rates to curb hot inflation.
A Reuters poll forecasts China’s growth will slow to 3.2% in 2022, well below the official target of around 5.5%, marking one of the worst performances. worst in nearly half a century.

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