In a notable shift, China's economic growth decelerated in the second quarter of 2024. According to the latest data released on 15 July 2024, the country's Gross Domestic Product (GDP) recorded a growth rate of 4.7%, a dip from the 5.3% achieved in the first quarter of the same year.
This year-over-year comparison indicates a significant slowdown in economic momentum. The first-quarter GDP growth of 5.3% was already a marker of caution, with analysts pointing to various internal and external factors potentially impacting China’s economic expansion.
The second-quarter figures underline a pressing need for economic policy adjustments as the nation navigates through global uncertainties and domestic challenges. Economic observers will be scrutinizing policy responses and their effectiveness in fostering a sustainable growth trajectory in the coming months.
