As per China's National Bureau of Statistics released on Monday, the economy of China was the most benefited in 2020. China reported a year-on-year increase of 6.5 per cent for the fourth quarter of 2020 and a 2.3 per cent annual increase in 2020.
While global GDP and a majority of the world's richest nations is expected to not resurface until 2022, China's economy is growing steadily despite a 6.8% contraction in the first quarter of 2020. The economy went up by 3.2 per cent for the second quarter, 4.9 per cent for the third quarter and 6.5 per cent for the fourth quarter, the report stated.
The difference in growth performance in 2020 and 2021 has made analysts forecast that China will overtake the US as the world's largest economy by 2026. The GDP of China and the US in 2019 were $14.3 trillion and $21.4 trillion, respectively. However, Chinese GDP growth exceeded the latter by percentage points of 5.9 in 2020 and 4.4 in 2021.
"According to preliminary estimates, the gross domestic product (GDP) was 101,598.6 billion yuan in 2020, an increase of 2.3 per cent over last year at comparable prices", the press statement by the National Bureau of Statistics said. China the most profited economy in 2020