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September 8, 2009

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Home » Business » Economy

UN group says China GDP will jump 7.8%

THE Chinese economy is expected to grow 7.8 percent this year while the global economy is likely to decline, the United Nations Conference on Trade and Development said in a report released yesterday.

The UN agency said expanding domestic demand policies had helped China resist recessionary pressures.

In the first half, the Chinese economy registered growth of 7.1 percent, of which more than 80 percent was fueled by government investment.

"The Chinese government had made the economic policies properly as China experienced a positive growth in gross domestic product in the first half of the year, albeit she was also affected by the global financial crisis," said Supachai Panitchpakdi, secretary-general of UNCTAD.

The Chinese government announced a 4 trillion yuan (US$585 billion) stimulus package last November to boost domestic demand and economic growth.

The money is being spent mainly on new highways, rail lines, housing, schools, hospitals and environmental protection projects.

The report also predicted the global economy will decrease by more than 2.5 percent this year.

It said GDP in developed nations will contract by 4 percent and output in the "transition" economies is expected to fall by more than 6 percent.

In developing countries, growth is expected to decelerate from 5.4 percent in 2008 to 1.3 percent in 2009.

As for Asia, the report forecast that GDP is set to fall in several economies in East and Southeast Asia that rely strongly on exports of manufactured goods.

East Asia should be able to maintain a 3.7 percent growth rate while Southeast Asia may have a 0.8 percent decline, it said.


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