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The OECD predicts China’s contribution to global economic growth next year will reach one-third.

The OECD predicts China's contribution to global economic growth next year will reach one-third.

On December 1st, local time, the Paris-based Organization for Economic Cooperation and Development (OECD) released the latest global economic outlook report. The report points out that China will be the only country that has achieved positive economic growth this year. By the end of next year, the global economy may return to the level before the COVID-19 outbreak, and China is expected to contribute one-third to next year’s global economic growth.

The report predicts that the global economy will decline by 4.2% this year due to the impact of the COVID-19 epidemic. As the coronavirus vaccine is put into use in the future, it will help boost market confidence and promote the global economic recovery. The global economy may return to the pre-COVID-19 level by the end of next year, but growth may be uneven. China’s contribution to global economic growth is expected to reach one-third next year.

Boone, Chief Economist of the OECD: It can be seen that China and South Korea have responded to the crisis better than other countries, and both China and South Korea have a considerable share of global economic growth.

Boone said that with the introduction of the coronavirus vaccine and the control of the epidemic in various countries, the global economic situation will be brighter, but the situation will remain unstable. Especially for small and medium-sized enterprises, persistent uncertainty will threaten their survival and face more serious economic losses. Boone pointed out that the economic consequences of the epidemic will continue for years to come, and governments must address its impact on the most vulnerable groups as soon as possible.

OECD Secretary-General Guria said that many countries are currently facing a rebound from the epidemic and economic recovery will also be affected. The COVID-19 epidemic is a global problem, and international cooperation is needed more than ever.

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