In a recent episode of GZERO World, economist and author Dambisa Moyo discussed the current state of the global economy amidst various geopolitical crises, sluggish Covid recovery in Europe and the Middle East, and a notable economic deceleration in China. Despite the prevailing uncertainty and instability worldwide, Moyo’s assessment tilted towards a more positive outlook, citing the unexpected resilience of the US economy as a saving grace that staved off a potential global recession in 2023.
However, Moyo also highlighted that China’s economic slowdown continues to pose a significant challenge to the overall global economic landscape. Structural issues within the Chinese economy, such as the downturn in the real estate sector, soaring levels of local government debt, and dwindling foreign investment inflows exert a substantial influence on global finances. The Chinese government’s response to these challenges has been relatively sluggish and fragmented.
The looming question remains: are China’s decades-long streak of double-digit GDP growth coming to an end? Furthermore, how will the escalating tensions between China and the West spearheaded by the US factor into this economic narrative? To delve deeper into this discussion, viewers can watch
