Ex-Goldman economist Jim O’Neill says China’s economy ‘well on the way’ to recover from coronavirus
A delivery driver wearing a face mask rides an electric bicycle along a street in the Central Business District (CBD) in Beijing on July 16, 2020.
WANG ZHAO | AFP | Getty Images
SINGAPORE — China is well on its way to recovering from a coronavirus pandemic-led economic crisis and will continue to be the most important marginal driver of global GDP, British economist Jim O’Neill told CNBC.
O’Neill, former chief economist at Goldman Sachs, pointed to the latest Chinese consumer spending data as a sign of China’s accelerating recovery. Retail sales for August in the world’s second-largest economy rose 0.5% from a year ago, the first positive report for 2020 so far.
“I suspect Chinese GDP growth could actually end 2020 as net positive still,” O’Neill told CNBC in an interview. “By end 2021, Chinese GDP growth will have possibly …continued .
[Source: CNBC News]