For almost any country, a prediction of 6.5% GDP growth would be a forecast for fantastic an economic boom. However China’s economy is not like other economies.
For almost any Western country, a prediction of 6.5 percent GDP growth would be a forecast worth celebrating.
However, China’s economy is not like other Western economies, and this prediction was emblematic of slowing growth that as recently as 2010 saw GDP growth at a rate of more than 10.5 percent.
But with the release of China’s most recent economic reports, its outlook is taking a turn for the better. BBC reports that “China’s economy grew at an annual rate of 6.9% between April and June.” This is in spite of “tough measures on the property sector and lenders” that were implemented to slow its housing bubble.
Not sharing in this success is the United States, whose economic forecast has tumbled in recent weeks as the economy continues to underperform. MarketWatch notes that in May, the Atlanta Fed was predicting growth as high as 4.3 percent GDP.
