American scholar: China is still the main engine of global economic growth

America In 2023, developed countries will still face the risk of an economic recession, and China will still remain the main engine of global economic growth, Hailey Turk, professor of economics at the Illinois Institute of Technology, said in an exclusive interview with Xinhua News Agency. . Turk said that in 2022, the Federal Reserve will continue to raise interest rates against inflation, raising the risk of the US economy falling into recession, while the Ukraine crisis and the resulting energy crisis threaten the economic growth prospects of European countries. have been

Turk believes China’s inflation is relatively mild, and China’s competitive advantages will become more apparent as production gradually returns to pre-pandemic levels. And the Chinese market will be the bright spot for global economic development in the next two years. The International Monetary Fund (IMF) released its latest World Economic Outlook report on January 30, raising its forecast for global economic growth this year to 2.9 percent from 2.7 percent in October last year.

The report raised China’s economic growth forecast to 5.2 percent this year, and believed that China’s optimization and adjustment of epidemic prevention policies and other measures would improve the economic growth prospects of China and the world. Turk said that China has first-class infrastructure, high-quality labor and a large market, and its advantages in these areas are irreplaceable. The Chinese market is extremely lucrative, and losing it to any multinational company would result in huge losses. It would be foolish to oppose or ignore the Chinese market.

(Credits-China Media Group, Beijing)

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