Decline Of Economy- China
China is a close authoritarian country. Its survivance technology is also working successfully. Therefore people are compelled to work and give the desired result without resistance. Media also talk and write what people in power desire. Hence it is difficult to find the actual economic situation in China. However, sometimes economic figures talk about the actual position of the country.
COVID-19 and locked down thereof have badly affected the economy of China. There is zero tolerance for COVID-19 in China and that compelled the authorities to impose total locking down in several cities and industrial towns. It badly affected the industrial activities and it has brought down the production. Hence China's GDP is 5.5% in the year 2023. Besides that American Trade War has also affected the exports of China up to a large extent.
It is also observed that the Chinese population has also gone down in the year 2023. It started falling in the year 2022. It is recorded that Millions died in COVID-19 in China and the shrinking of the birthrate further affected the Chinese Economy. The 1/5 Chinese population is old age and decreasing in population is a danger sign for China. Hence all this development will change the demography of the population.
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The unemployment rate among urban youth has also increased to 21% but now revised figures reflect it at 9%. However, it is reported that the figure of unemployed youth also consists of those who are undergraduates which cannot be included in unemployment figures. The prices of food, fuel, and vehicles are also coming down in China. It can further affect adversely the GDP of the Country.
All these facts show that the Chinese economy is in decline.
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