It is difficult to calculate the real impact of COVID-19 pandemic on the global economy. According to World Bank’s Global Economic Prospects report, the global economy probably shrank by 4.3% in 2020 due to the ongoing pandemic.
China’s economy grew by 2.3% last year - the slowest pace in four decades. China’s strict lockdown measures, targeted support to businesses and rapid vaccination drive have put the economy back on a growth path with 6.5% growth in the last three months of 2020.
Launched in 2013, Belt and Road Initiative (BRI) strategically focused on leveraging the physical proximity advantage by reaching out to 138 countries. By early January 2020, BRI had planned to invest more $3 trillion in 2,971 projects.