China’s economy continues its strong recovery, registering 18.3 percent year-on-year growth in the first quarter.
The economic recovery on the global level, however, has been unbalanced. In the first quarter, the US economy had recovered to pre-pandemic levels.
And with vaccination rates rising and the weather warming, service sector is to recover at a faster pace.
In contrast, in the eurozone,
the gross domestic product reduced by 0.6 percent quarter-on-quarter and 1.8 percent year-on-year, indicating the eurozone economy is yet to fully overcome the impacts of the novel coronavirus outbreak.
France, despite achieving the best recovery among European Union states, registered a mere 1.5 percent growth in the year’s first quarter.
The economic recovery of emerging markets and low-income countries has been worse.
They are unlikely to return to pre-pandemic levels before 2023.
The major reason for such lopsided economic recovery is the uncertainty over the virus.
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