2023-01-26 00:08:58

Chinas reawakening from Covid slumber unlikely to bolster global economy

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Investing.com
By Yasin Ebrahim/Investing Com

By Yasin Ebrahim

Investing.com A stronger economy in China is often a key ingredient for global growth. But as China prepares to flex its economic muscles following several years of slumber under Covid duress, some are warning that this time is different.

As China reopens for business, the positive spillover to the rest of the world will not be on par with history, as global aggregate demand is slowing down as a result of widespread monetary tightening," Morgan Stanley said in a note on Wednesday, estimating global economic growth to slow to 2.6% this year from an expected 3.0% in 2022.

It isnt puzzling to see why China, the worlds second largest economy, has a heavy hand in the global economy. Accounting for a nearly fifth of global growth last year, China boasts a stake that is well ahead of its closest rivals. The U.S. made up about 13.5% of global growth last year, India 9.3%, and Japan just 3.4%, according to data from the World Economics Research, London.

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