The adverse geopolitical developments are making China’s economic slowdown more worrisome
China | BS Opinion | Taiwan
Last Updated at August 16, 2022 23:48 IST
The world has become so used to China as a driver of global economic growth that the possibility of the music finally stopping strains credulity among economists, businesses and scholars alike. China’s weight in the global economy has been increasing steadily. Its nominal gross domestic product (GDP) of $19.9 trillion is around 15 per cent of global GDP, making it the second largest economy in the world. It has a similar share of global trade, being the world’s largest exporter and the second largest importer of goods. About 50 per cent of the consumption of all metals in the world is accounted for by China, which is also the world’s largest importer of oil. It is estimated that China accounts for over 30 per cent of global economic growth. China is a highly globalised economy, densely interconnected to all major markets of the world. The state of its economy and its economic and commercial inter-linkages with the rest of the world have major implications for the global economy.
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First Published: Tue, August 16 2022. 23:48 IST