China’s statistics bureau on Monday reported solid growth for the country in the first half of 2024, but analysts say an ongoing property crunch and muted domestic demand continue to weigh on the world’s second-largest economy.
Meanwhile, the U.S. economy is set to stabilize in the second half of 2024 and into next year, auditing and financial advisory firm Deloitte predicts, with consumer demand still strong. The official updated numbers for the U.S. will be published on July 25.
China’s National Bureau of Statistics reported on Monday that the country’s GDP grew by 5 percent in the first half of 2024. The second quarter saw a year-on-year growth rate of 4.7 percent, slightly down from the 5.3 percent growth in Q1, indicating a slower pace but still robust compared to other major economies.
“Though the GDP growth in the second quarter is lower than the first quarter, it’s still a…
