The fight for economic progress is not hidden from the world now. Every country is flexing its muscles to be a success story in this regard. The COVID – 19 pandemics has offered a huge economic setback to the countries devastated by the SARS COV-2 virus. While other countries are down with the virus, China seems to be doing just fine on its economy.
Pandemic and Profits
Quarantines and lockdown can certainly be the most memorable thing of 2020. Almost every country faced a similar situation throughout most of the year. These lockdowns had a very detrimental effect on the economy of every country. The businesses got shut, people lost jobs and there was widespread misery all around. As a result, may it be a rich nation or poor, everyone suffered.
But the Chinese story turned out to be different somehow. China saw its COVID cases drop dramatically in the second half of 2020. As a result, the offices became functional and factories began churning goods out. And the Chinese economy gathered pace and almost recovered. With countries like India and the US still struggling under their respective caseload, it is certain that China would make huge profits this year.
Data to Consider
Chinese industrial output grew by 35.1% in January and February 2021 when compared to the same months last year. This can possibly be due to the closure of its factories in 2020. Last year, China remained the only major economy to report positive growth. It grew at an expansion of 2.3 percent. In contrast, the US contracted with -4.27 in the same period. While the EU recorded a contraction of -7.1 percent.
China is almost out of the pandemic. The US is slowly opening up after its vaccination progressing. While the EU and India are still facing a huge caseload and their vaccination seems to be very slow. As a result, except for China major economies are not expected to open up completely in near future. Thus, due to a lack of economic activities elsewhere, China seems to be leading the way in gaining profits out of the situation in the world.
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