In the first half of 2023, the global economy faced multiple challenges and uncertainties.
The continued spread of the COVID-19 epidemic, the intensification of the energy crisis, geopolitical tensions and the escalation of trade frictions have affected economic growth in different countries to varying degrees.
Against this background, what are the economic performance of the three major global economies in Central America and Europe?
One. United States: slower growth, high inflationary pressures
Real GDP in the United States in the first half of 2023 reached $13.22 trillion, an annual increase of 2.6 per cent, down from 3.1 per cent throughout 2022.
Of this, the first quarter grew by 2.0 per cent and the second quarter by 2.1 per cent. The ring ratio increased by 0.5 per cent in the first quarter and 0.6 per cent in the second quarter.
In the first half of 2023, the United States economy, while maintaining positive growth, experienced a marked slowdown and increased inflationary pressures.
On the one hand, the United States Government has launched a massive fiscal stimulus package to support businesses and individuals during the epidemic and to stimulate consumption and investment.
On the other hand, the Federal Reserve maintains extremely low interest rates and large-scale quantitative easing, as well as liquidity and stability in financial markets.
While these policy measures have somewhat mitigated the impact of the epidemic on the economy, they have also led to currency overhang and overheating, leading to price increases.
At the same time, the United States energy supply has been hit by a number of external and domestic shocks, including the Texas ice and snow disaster, the Russian military threat to Ukraine and the impasse in Iran ' s nuclear agreement, which has led to soaring energy prices and further increased inflationary pressures.
In addition, trade frictions between the United States and its major trading partners, such as China and the European Union, had a negative impact on economic growth.
Two. EU: Recovery is difficult and fragmentation is evident
In the first half of 2023, the EU ' s real GDP amounted to 887 trillion euros, with an annual growth rate of 1.2 per cent, down from the level of 1.7 per cent in 2023 for the whole of 2022.
Of this, the first quarter grew by 0.4 per cent and the second quarter by 0.8 per cent. The ring ratio increased by 0.1 per cent in the first quarter and 0.2 per cent in the second quarter.
Despite a modest recovery in the first half of 2023, the EU economy remained depressed and fragmented and unstable.
On the one hand, the European Union has made some progress in its response to the epidemic by facilitating the procurement and distribution of vaccines and gradually easing some of its anti-epidemiological measures and travel restrictions.
On the other hand, the EU faces many difficulties and resistance in promoting economic recovery, including uneven vaccination rates, the threat of mutagenic strains, energy supply constraints, and differences in fiscal policy and structural reforms. These factors, such as the economic slowdown, have limited the pace and potential of the EU economy ' s recovery.
Three. My country: Growth leads, structure optimizes
In the first half of 2023, China ' s real GDP reached 54.6 trillion yuan, an annual increase of 6.5 per cent, up from 6.5 per cent in the year 2022. %.
Of these, the rate of increase was 6.8 per cent in the first quarter and 6.2 per cent in the second quarter. The ring ratio increased by 1.5 per cent in the first quarter and 1.3 per cent in the second quarter.
In the first half of 2023, China ' s economy remained well on track, growing faster than the world ' s major economies, and its structure was improving and quality was improving.
On the one hand, our response to the epidemic has yielded significant results, effectively controlling its spread and recovery, and actively promoting the development and prevention of vaccines.
On the other hand, the country has adopted a series of policy measures to promote economic recovery, including the implementation of an active fiscal policy and a sound monetary policy, the strengthening of macroeconomic regulation and policy coordination and the deepening of supply-side structural reforms. Quality development, expansion of domestic demand and expansion of openness.
These policy measures have somewhat mitigated the impact of the epidemic on the economy and have contributed to the transformation and modernization of the economy, increasing its resilience and potential.
Currently, our country is moving forward with a new urbanization plan of $4 trillion to support integrated urban-rural development, improve urban quality, create more jobs and improve the livelihood and well-being of our people.
The plan is aimed at improving the country ' s public services, education, health care, environmental protection and providing more subsidies and concessions to the low-income and middle classes.
If successfully adopted and implemented, the plan will have a positive impact on the country ' s economic growth and will contribute to improving the uneven and inadequate economic development.
Conclusions
By analysing GDP data for China, the United States and Europe in the first half of 2023, we can see that there are significant differences and linkages between them.
Among them, our economic performance is most visible. It not only outpaced the other two economies () but also improved its structure and quality.
This is a full expression of our effective initiatives and strategic commitment to respond to the epidemic and to promote recovery. It has also demonstrated the resilience and potential of our economic development.
Of course, we cannot ignore competition and cooperation among the three economies and the impact of the external environment on economic development.
Be vigilant, strengthen macro-regulation and policy coordination, deepen reforms, open innovation and promote the mutual reinforcement of domestic and international dual cycles, and sustain the goals and objectives of achieving economic and social development throughout the year. Hit a solid foundation.