.. we’re doomed, doomed.
How do I know? Well, last Thursday IMF Managing Director Kristalina Georgieva said, “China, the world’s second largest economy, should reassess its zero-COVID approach to the pandemic given the emergence of the new highly contagious Omicron variant.. She said China’s slowdown in economic growth was due to interruptions caused by COVID-19 and the fact that consumption had not picked up as much as expected”.
Ms. Georgieva is confusing the economy’s rate of acceleration with growth itself.
For example, China's GDP rate of acceleration was 9.4% in 2011 but only 8.1% last year.
China's GDP grew by $1.2 trillion in 2011, and grew by $2.2 trillion (Italy’s entire GDP) last year, 2021.
That’s because the base GDP in 2010 was $10.3 trillion, while it was $24.2 trillion in 2020.
Far from slowing down, China’s GDP growth is accelerating at light speed–leaving everyone in its dust.
For the head of the IMF to tell us that the opposite is the case is nothing less than criminally negligent.