US economic growth is set to outpace China this year for the first time since 1976, Bloomberg reported on Friday, citing economists.
According to the publication, the lingering effects of the Covid-19 pandemic and recurring outbreaks throughout the country mean that its economic growth will stall, despite Beijing’s fiscal, monetary and regulatory stimulus measures. Analysts polled by the news outlet predict that the globe’s largest economy will grow by only 2% this year, far lower than China’s official growth target of “around 5.5%” for 2022.
“Even in an upside scenario, with an unlikely relaxation of the Covid-zero stance, a 5% expansion – let alone the government’s 5.5% target – looks out of reach,” they said, referring to President Xi Jinping’s Covid-zero policy, which demands curbs on activity when new virus outbreaks happen.
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