China's economy suffers because to ongoing coronavirus issues

(MENAFN) China's economy contracted in the second quarter of last year, marking its poorest quarterly performance since the beginning of two years ago, when it came to a virtual halt due to the first coronavirus epidemic outbreak.

The National Bureau of Statistics (NBS) of China stated on Friday that the nation’s GDP increased by a meager 0.4 percent in the three months ending June 30 in comparison to the same time prior year. Quarterly GDP decreased by 2.6 percent.

The economy only increased by 2.5 percent in the first half of the year, far less than Beijing's 5.5 percent objective for the current year. On Friday, the administration acknowledged that it could be challenging to meet the GDP target in the near future.

NBS spokeswoman Fu Linghui made this declaration during a news conference. In addition to domestic epidemic issues, he pointed out that rising global commodity costs and rising stagflation concerns globally also have an impact on China's economy, “there are challenges to achieve our expected economic growth target for the whole year.”

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