China's GDP Grows By 2.3 Per Cent In 2020; Exports Grow By 3.2 Per Cent Despite Covid-19 Pandemic

China's GDP recorded a 2.3 per cent growth in the COVID-19 hit 2020, with the last three months of the year recording a growth of 6.5 per cent over the year-ago period, reports Economic Times.

Following the first three months of 2020 in which China recorded a contraction of 6.8 per cent, the nation's GDP rebounded in the April-July period to record 3.2 per cent growth, which made it the only and first major nation to report growth in the quarter.

The growth was aided by global demand for masks and medical supplies. Also, China managed to grow its exports by 3.6 per cent over 2019, with its exporters gaining share from foreign competitors who are still battling restrictions in other nations which continue to deal with COVID-19 menace.

As per the estimates from the International Monetary Fund (IMF) and other forecasters, China's GDP growth in 2021 could further rise to more than eight per cent.

However, it should be noted that over the past weeks, China has once again imposed travel controls and restrictions in certain parts after an upsurge of fresh COVID-19 cases even though most of the nation remains unaffected.