As poor performance in agriculture and manufacturing sector slowed down India’s economic growth rate to a five-year low of 5.8 per cent in January-March quarter, China is officially back as the fastest growing economy on the world stage. Beijing’s economy grew at 6.4 per cent in the same time span.
According to the 2017 World Bank data, China’s economy has ballooned to 12.24 trillion US dollar and is nearly five times bigger than India’s 2.6 trillion US dollar economy.
The government also informed that unemployment in the country stood at 6.1 per cent of total labour force during 2017-18, the highest in 45 years. Notably, the latest data from the labour ministry confirmed the unemployment rate projected in a pre-election leaked report.
A Chinese government’s report quoting National Bureau of Statistics figures set this year’s target for urban job creation at above 11 million and said the targets for the survey-based and registered urban unemployment rates are about 5.5 per cent and below 4.5 per cent, respectively.
GDP figures of China and India’s show that two of the world’s fastest growing economies have been slowing down.