China is delivering strong economic growth, says the latest report released by the World Bank. According to the “Global Economic Prospects” report published by the global financial institution earlier this month.
China’s GDP is forecast to grow by 8.5 percent in 2021, leading the world’s economic recovery from a catastrophic year plagued by COVID-19.
The paper raised its forecast for global economic growth to 5.6 percent from its projection of 4.1 percent in January. The impressive figure, which will mark the strongest post-recession recovery in the past eight decades if predictions hold true, is largely driven by the world’s major economies represented by China and the U.S.
In the first quarter of 2021, China registered a GDP growth rate of 18.3 percent – the highest on record since the country started recording its quarterly GDP in 1992. The fast rebound within a single year is deemed a continued success story of the China miracle.