January 29, 2021

The economic output of China, the world's second-largest economy, came a step closer to the size of the US' GDP, breaking through the 70 percent mark in 2020 when the world economy took a heavy blow from the raging coronavirus. The proportion is forecast to rise this year, experts told the Global Times on Friday.

Data from the US Bureau of Economic Analysis showed on Thursday that the US' GDP declined 3.5 percent in 2020 on a yearly basis. The record decline is the first negative reading since the financial crisis in 2009 and the lowest since 1946.

Nearly every sector, except for the government and the housing market, contracted last year. Consumer spending, a major driver that accounts for more than two-thirds of the economy, tumbled by 3.9 percent, the worst performance since 1932.

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https://www.globaltimes.cn/page/202101/1214352.shtml