Close Menu
Bangla news
    Facebook X (Twitter) Instagram
    Bangla news
    • প্রচ্ছদ
    • জাতীয়
    • অর্থনীতি
    • আন্তর্জাতিক
    • রাজনীতি
    • বিনোদন
    • খেলাধুলা
    • শিক্ষা
    • আরও
      • লাইফস্টাইল
      • বিজ্ঞান ও প্রযুক্তি
      • বিভাগীয় সংবাদ
      • স্বাস্থ্য
      • অন্যরকম খবর
      • অপরাধ-দুর্নীতি
      • পজিটিভ বাংলাদেশ
      • আইন-আদালত
      • ট্র্যাভেল
      • প্রশ্ন ও উত্তর
      • প্রবাসী খবর
      • আজকের রাশিফল
      • মুক্তমত/ফিচার/সাক্ষাৎকার
      • ইতিহাস
      • ক্যাম্পাস
      • ক্যারিয়ার ভাবনা
      • Jobs
      • লাইফ হ্যাকস
      • জমিজমা সংক্রান্ত
    • English
    Bangla news
    Home China GDP growth outlook sputters to 3.3%, threatening global economy
    English International

    China GDP growth outlook sputters to 3.3%, threatening global economy

    November 19, 20224 Mins Read

    INTERNATIONAL DESK: The Chinese economy is on track to expand by 3.3% in real terms this year, according to the latest QUICK FactSet survey of private-sector analysts, indicating that growth will be much slower than anticipated and weigh on the global economy.

    The updated forecast represents a 1.8-point downgrade from the estimates at the start of the year. China has an official annual growth target for gross domestic product set at around 5.5%.

    The zero-COVID lockdowns in Shanghai in spring battered the national economy, and signs of recovery that emerged in summer have once again faltered.

    In October, total retail sales fell 0.5% on the year, according to data released Tuesday by the National Bureau of Statistics. This is the first such contraction since May.

    Restaurant industry income, which accounts for a tenth of the total, fell 8.1% on the year. Income from consumer electronics and apparel were down as well.

    People dine at a restaurant in Beijing on Aug. 3. Income for the restaurant industry fell 8.1% on the year in October. © Reuters
    Consumption has continued to be soft in November. Between the beginning of the month through Friday’s Singles Day — China’s unofficial online shopping holiday — home delivery volume sank 11% nationally.

    Alibaba Group Holding, which originated Singles Day, took the unprecedented step of not disclosing sales figures from that period, a move echoed by other online retailers.

    China’s housing market is in a malaise due to tighter regulations, and recovery is not expected in the foreseeable future. In October, home sales by square meters declined by more than 20% from a year earlier.

    Real estate occupies 30% of GDP. The housing slump has spilled over into stunted sales of appliances and furniture. The production of construction material is not gaining momentum.

    Global GDP has grown 90% from 2001, when China joined the World Trade Organization, through 2021. During that period, the Chinese economy expanded by a factor of 5.3 and contributed 31% to the global economic growth. In contrast, the U.S. contributed 10% to global growth.

    The looming anomaly to the global economic engine in China casts a cloud over the global economy. In Japan, orders for machine tools shrank for the first time in two years in October, according to the Japan Machine Tool Builders’ Association.

    Receding demand from China is visibly affecting commodity prices. The nearest futures contracts for iron ore dipped below $80 per tonne at one point on Nov. 1 on the Singapore Exchange, plumbing a low not seen since February 2020.

    Iron ore prices are a leading indicator of China’s economic conditions since the country accounts for roughly 70% of the global trade volume for the commodity.

    Even energy prices that had rallied sharply during the summer are showing signs of weakening. West Texas Intermediate (WTI) petroleum futures now hover around $85, or nearly 40% from the peak marked right after the Ukraine war started.

    China’s imports of crude oil by volume have declined year-on-year for four straight months since June, at around the same time WTI prices started to trend downward.

    Spot prices for Asia-bound liquefied natural gas are now about 60% less than August’s peak. China’s reduction of LNG procurement has applied downward pressure on market prices.

    During the 2008 global financial crisis, China authorized a massive stimulus package, maintained economic growth and supported the larger international economy. Now conditions have evolved to the point that no single country or region is fulfilling that role.

    According to S&P Global, China’s composite purchasing managers’ index has fallen below the boom-or-bust line of 50 points for two consecutive months from September. PMIs for the U.S. and the Eurozone have been below the 50-point threshold for four straight months since July. (NIKKEI Asia)

    জুমবাংলা নিউজ সবার আগে পেতে Follow করুন জুমবাংলা গুগল নিউজ, জুমবাংলা টুইটার , জুমবাংলা ফেসবুক, জুমবাংলা টেলিগ্রাম এবং সাবস্ক্রাইব করুন জুমবাংলা ইউটিউব চ্যানেলে।
    3.3%, china economy english gdp global growth international outlook sputters threatening to
    Related Posts
    India Pakistan ceasefire

    After India-Pakistan Ceasefire Agreement: What Happened Next?

    May 11, 2025
    Nokia Magic Max

    Nokia Magic Max: Price in Bangladesh & India with Full Specifications

    May 11, 2025
    Samsung Galaxy M15

    Samsung Galaxy M15 5G: Release Date in Bangladesh & India with Full Specifications

    May 11, 2025
    সর্বশেষ সংবাদ
    Air Cooler
    এয়ার কুলারে ঘর ঠান্ডা না হলে কী করবেন?
    Hamla
    ভারতে পাল্টা হামলা করছে পাকিস্তান: নতুন পরিস্থিতি ও সার্বিক বিশ্লেষণ
    Raid 2
    অষ্টম দিনে কত আয় করলো অজয়ের ‘রেইড-২’
    Rajshahi
    প্রতি কেজি ২৮ লাখ টাকা, রাজশাহীতে চাষ হচ্ছে ‘বিশ্বের সবচেয়ে দামী মরিচ
    Selina
    সাবেক এমপি সেলিনা ইসলামকে গ্রেপ্তার, তদন্ত চলছে ঘটনায়
    Ankush
    বাংলাদেশ নিয়ে পোস্ট দিয়েও ‘ডিলিট’ করলেন অঙ্কুশ
    Tamanna
    ছোট সাজ্জাদের স্ত্রী তামান্না গ্রেফতার
    Shafikur Rahman
    বিপ্লবী জনতাকে অভিনন্দন জানালেন জামায়াত আমির
    Hasanat Abdullah
    আপনারা কেউ রাজপথ ছাড়বেন না : হাসনাত আবদুল্লাহ
    India Pakistan ceasefire
    After India-Pakistan Ceasefire Agreement: What Happened Next?
    • About Us
    • Contact Us
    • Career
    • Advertise
    • DMCA
    • Privacy Policy
    © 2025 ZoomBangla News - Powered by ZoomBangla

    Type above and press Enter to search. Press Esc to cancel.