China’s economy will slow its growth next year, predicts government advisory body

China, Asia

The world’s second-strongest economy will grow in 2022 at one of the slowest rates of the past few decades. At the same time, more than 11 million new jobs will be created in Chinese cities, inflation will be around three percent.

China’s gross domestic product growth is expected to reach about five percent next year. Citing an advisory body to the Chinese government, Reuters reported. It will be one of the slowest economic growth that China has seen in recent decades. The main reason for the unusually low growth in the output of the Chinese economy is concerns due to the ongoing coronavirus pandemic, which will create obstacles to the normal functioning of the economy even next year.

Government advisers have forecast Chinese GDP growth above six percent this year. In reality, however, it is likely to grow by as many as eight percent. Everything will depend on how much the pandemic has affected the Chinese economy this year. Next year, prices in China are expected to rise by about three percent, and the unemployment rate could hover around 5.5 percent. More than 11 million new jobs will be created in major cities.



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