China’s Li Keqiang says it’ll be hard to see how recession will be avoided

65
1
China’s Li Keqiang says it’ll be hard to see how recession will be avoided

We look at the global GDP. It's hard to see how we avoid a recession right now, but it's hard to see how we're going to avoid a recession, he said.

GDP, or Gross Domestic Product, is a measure of economic growth. It is one of the most important ways to measure how well an economy is performing and is closely watched by economists and central banks.

It is used by governments to guide decisions on everything from tax to spending. It is a key indicator for central banks when considering whether or not to raise or lower interest rates, along with inflation.

He said that the forecast of China's growth before Russia's invasion had already softened, because of concerns about lockdowns in some of China's major cities, including the financial, manufacturing and shipping hub of Shanghai.

The world's second largest economy has been hit harder by the latest round of lockdowns than it had been at the beginning of the epidemic in 2020, according to China's premier Li Keqiang.

Mr Li said that progress is not satisfactory. Only 30% of businesses have been reopened, so the ratio must be raised to 80% within a short period.