How China's Economy Compares to the US's After Latest Results
==========
China's GDP grew by 5% in the first half of 2024, with a year-on-year growth rate of 4.7% in Q2. The U.S. economy is predicted to stabilize in the second half of 2024, with consumer demand still strong. China's retail sales of consumer goods increased by 3.7% year-on-year, lower than the 7.2% reported in 2023. The gap between China's and the U.S.'s economies widened in 2023, with China's GDP being two-thirds the size of the U.S.'s. China's ongoing property crunch and muted domestic demand continue to weigh on its economy. The U.S. Department of Commerce reported a slower GDP growth rate of 1.4% year-on-year for Q1 2024. Deloitte predicts the U.S. economy will grow by 2.4% in 2024 and slow to 1.1% in 2025. China's economy is no longer on track to surpass the U.S. as the world's largest.
#China #Us #Economy #Gdp #Growth #PropertyCrunch #ConsumerDemand
https://www.newsweek.com/china-us-economies-compared-1925603
Newsweek /
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2024-07-17 02:56:57
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2024-07-17 02:56:57Event JSON
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"content": "How China's Economy Compares to the US's After Latest Results\n==========\n\nChina's GDP grew by 5% in the first half of 2024, with a year-on-year growth rate of 4.7% in Q2. The U.S. economy is predicted to stabilize in the second half of 2024, with consumer demand still strong. China's retail sales of consumer goods increased by 3.7% year-on-year, lower than the 7.2% reported in 2023. The gap between China's and the U.S.'s economies widened in 2023, with China's GDP being two-thirds the size of the U.S.'s. China's ongoing property crunch and muted domestic demand continue to weigh on its economy. The U.S. Department of Commerce reported a slower GDP growth rate of 1.4% year-on-year for Q1 2024. Deloitte predicts the U.S. economy will grow by 2.4% in 2024 and slow to 1.1% in 2025. China's economy is no longer on track to surpass the U.S. as the world's largest.\n\n#China #Us #Economy #Gdp #Growth #PropertyCrunch #ConsumerDemand\n\nhttps://www.newsweek.com/china-us-economies-compared-1925603",
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