You are here

GDP Growth in 2020

The coronavirus is shrinking all major economies except China's.

October 22, 2020
Print

Subscribe to our weekly newsletter to get them delivered straight to your inbox!


COVID-19 forced people to stay home. Businesses have closed and millions are out of work. The global economic impact has been huge. China's economy fell dramatically in the spring (its worst performance in decades), but its use of mandatory testing, quarantine policies, and city-wide lockdowns has allowed it to reopen earlier and more completely than the U.S.

China has experienced small outbreaks in recent months, but had just 16 new cases yesterday while the U.S. had 60,315. Because of this, forecasters predict that China will be the only country to still have positive GDP growth at year's end. 

The U.S. economy is sputtering, in part, because it is more dependent on services, including many which are traditionally rendered face to face. China’s economy is also now dependent on services, but manufacturing is a relatively bigger share of its economy and was easier to restart. Back on March 6, 2020 Austan Goolsbee, a University of Chicago economist and former economic advisor to Pres. Obama, warned of this in a New York Times op-ed.

Print

Events

December 3, 2020 - 3:00pm

Outside the Box [Office], USC U.S.-China Institute, and MTV Documentary Films present a Live Q&A with Writer/Director/Producer Hao Wu discussing his new documentary film 76 DAYS. Everyone who registers for the webinar will be sent a link to view the film 48 hours prior to the Q&A.

December 10, 2020 - 1:00pm

David Shambaugh speaks on his new book focusing on the United States and China in one of the world's most dynamic regions.