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National Day Holiday Injects Confidence in Global Economic Recovery

time:2020-10-14  Author: Tony Number of visits:98

China’s 2020 National Day holiday ended a few days ago. As many as 637 million travelers were made, that revealed a promising post coronavirus pandemic recovery as per government data.

“The huge consumption potential during the Golden Week will not only accelerate the recovery of China’s domestic economy but also drive imports and investment from other countries … in the meantime, offering a strong boost to global trade and the world economy,” says an editorial from Xinhua Thursday.

Indeed, China is the first county in the world to adopt perhaps the earliest and strictest anti-epidemic measures and also the first major economy to make the virus largely under control.

According to a semiannual global economic prospects report recently published by the U.S.-based think tank Peterson Institute for International Economics (PIIE), the Chinese economy is on track to grow by 3% this year, up from the 1.5% growth projection in April, with the global output expected to shrink 4.4% due to the ongoing COVID-19 crisis.

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