Chinese Economy Will Hit New Low in Nearly 30 Years: Economist

NTD Newsroom
By NTD Newsroom
October 17, 2019Business News
share

Economists have estimated that global economic growth will slow down in 2019 and 2020, while the Chinese economy will hit its lowest growth level in nearly 30 years.

According to experts from the Peterson Institute for International Economics, the global economic growth rate dropped from 3.7 percent last year to 3.3 percent in 2019.

Under the United States-China trade war China’s economy is experiencing an ongoing structural slowdown.

Economists showed that China’s economic growth is expected to slow to a near 30-year low of 6.2 percent this year and cool further to 5.9 percent in 2020.

“They’ve been slowing down long before the trade war started, and they’re continuing to slow down,” Nicholas Lardy, a senior with the Peterson Institute said.

“And I think, if the new tariffs that are scheduled to go into effect in mid-October and mid-December take hold, then the adverse impact on the global economy will increase.”

Reporting by Kitty Wang.

ntd newsletter icon
Sign up for NTD Daily
What you need to know, summarized in one email.
Stay informed with accurate news you can trust.
By registering for the newsletter, you agree to the Privacy Policy.
Comments