Update: With 2.3% Growth, China Likely to Be Only Major Economy to Expand in 2020

China’s GDP grew 2.3% in 2020 as the world’s second-largest economy managed a steady recovery from the fallout of its Covid-19 outbreak a year ago, official data (link in Chinese) showed Monday.

The annual growth rate was the lowest since 1976, when the sweeping Cultural Revolution wrecked the economy, but still beat the International Monetary Fund’s (IMF) projection for a 1.9% increase. The organization expected China to be the only major economy to expand in 2020.