"There will be very rapid growth." Why the world is waiting for China's recovery

An unexpectedly rapid opening of CHINAafter lockdowns will give impetus to the global economy, experts say. At the same time, it is worth waiting for negative consequences,

After three years of complete isolation, China opened its borders and began the process of rebuilding international economic ties. In December 2022, the country announced the rejection of strict covid restrictions, and in January 2023 it opened its borders for foreigners and local residents to travel abroad.

The policy of zero tolerance for COVID has cost China dearly: due to constant lockdowns in 2022, the country's economy has slowed down significantly - to 3% instead of the party's forecast of 5.5% at the beginning of the year. Domestic demand in the country began to fall, foreign companies began to withdraw business from China, economists predicted decades of stagnation for China if the authorities continue to stop businesses in the country.

But the Chinese authorities suddenly lifted all restrictions in an attempt to restart the slowing economy. Considering China's 1.4 billion population, its huge production capacity and raw material needs, China's opening up is perceived very positively around the world. Experts believe that the possible recovery of the country's economy will make a significant contribution to global GDP growth, while other analysts expect a global recession in 2023.