China is only major economy to report growth in 2020

With many countries struggling in debt amidst the coronavirus pandemic, China has become the only major economy to report overall growth in 2020.

At the end of 2020, China reported a 2% increase in GDP. This is due to the harsh COVID restrictions implemented around this time last year.

China is also projected to have the highest economic recovery this year out of any other major country; an 8.0% increase predicted for 2021.

This growth comes after a 7% shrink in the first quarter of 2020 | Image: Bloomberg

Compared to other economies

Other countries reported devastating losses. Argentina saw its GDP shrink by 12.9%, the highest of any substantial economy. This is due to the coronavirus pandemic and hyperinflation that has been worsening since 2018.

The United Kingdom reported the second-highest loss in GDP, at 11.2%. This is due to strict COVID measures, the National Health Service and Welfare State.

The USA saw a small loss of 3.7%, as there weren’t overly-substantial COVID restrictions that jeopardized the economy.

The global economy shrank by approximately 4.2% in 2020. | Image: NASA

Looking to 2021/22

Assuming vaccine deployment globally is stable and dependable, current projections predict all major economies will grow in the next 2 years. The two fastest-growing economies (India and China) will see a rise of 7.9% and 8.0%, respectively.

As the COVID pandemic fades over the next 2-4 years, tourism will be allowed to continue, and many countries will gain revenue. Local economies will be stimulated again, and national GDP will grow.

Many countries will see a rise in the tourism industry assuming the COVID pandemic fades. | Image: unsplash

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