China is significantly leading other large countries in post-pandemic economic recovery.
In a report released Thursday, the Organization for Economic Cooperation (OECD) found that China is surpassing other G20 economies — representing the 19 largest economies in the world and the European Union — in year-over-year output growth since the onset of COVID-19 and lockdown-induced recessions.
China’s economy grew 18.3% between the first quarter of 2020 and the first quarter of 2021.
Although the combined gross domestic product (GDP) for the G20 surpassed pre-pandemic levels in the first quarter of 2021, the OECD notes that the figure “conceals large differences across countries.” China’s 18.3% growth was followed by 6.7% and 1.9% expansion in Turkey and India, respectively.
Most Western nations, however, lagged significantly behind.
In the first quarter of 2021, the United States’ year-over-year GDP growth reached 0.4% — its first exit from negative territory since the beginning of the pandemic. Meanwhile, many European nations continued their sluggish recoveries. The United Kingdom, Germany, and Italy — with year-over-year growth of -6.1%, -3.1%, and -0.8% — have yet to fully rebound from the global recession.
Likewise, output growth in developed G20 economies remains slow. With year-over-year growth of -2.8%, -1.7%, and -0.5% respectively, Mexico, Saudi Arabia, and Indonesia continue their sluggish recoveries.
Overall, the global economy has expanded by 3.4% since the beginning of 2020.
China — with a GDP of $14.3 trillion and a growth rate of 61.% in 2019 — is one of the world’s fastest-growing consumer economies. It is surpassed in size only by the United States, which maintained a GDP of $21.4 trillion and a growth rate of 2.2% in 2019.
The OECD data was released as lawmakers across the world increasingly begin to suspect that COVID-19 did not evolve naturally. For instance, two European scientists claimed that COVID-19 was created in the Wuhan Institute of Virology and has “no credible natural ancestor.”
“The laws of physics mean that you cannot have four positively charged amino acids in a row,” one of the researchers told The Daily Mail. “The only way you can get this is if you artificially manufacture it.”
Likewise, a growing number of American lawmakers believe that there exists “significant circumstantial evidence” to suggest that COVID-19 emerged from the Wuhan lab. They noted, however, that the Chinese government has not been transparent with foreign counterparts.
“International efforts to discover the true source of the virus, however, have been stymied by a lack of cooperation from the People’s Republic of China,” wrote Republicans on the House Intelligence Committee in a report. “Nevertheless, significant circumstantial evidence raises serious concerns that the COVID-19 outbreak may have been a leak from the Wuhan Institute of Virology.”
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