AUGUST 31, 2016
Despite all the hand-wringing over the vaunted China slowdown, the Chinese economy remains the single largest contributor to world GDP growth. For a global economy limping along at stall speed — and most likely unable to withstand a significant shock without toppling into renewed recession — that contribution is all the more important.
A few numbers bear this out. If Chinese GDP growth reaches 6.7 per cent year — in line with the government’s official target and only slightly above the International Monetary Fund’s latest prediction (6.6 per cent) — China would account for 1.2 percentage points of world GDP growth.
With the IMF currently expecting only 3.1 per cent global growth this year, China would contribute nearly 39 per cent of the total.