China’s Economy Slow Down Due to Real Estate & Job Worry
China: According to the most recent data, the country is now experiencing difficulties in the real estate market. Sales of new residences per floor space from January through June decreased 2.8% year over year, while inventories increased 18% by the end of June compared to the same time last year. It is crucial to note that as demand has decreased, investment in new development has also decreased. Due to concerns about housing and employment, China’s economy has slowed down as a result of this weak demand.
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One of the most important aspects of every nation is the real estate industry. However, it has been calculated that the real estate industry and other related sectors in China account for about 30% of the country’s GDP. Poor housing sales are to blame for this slowdown since they have reduced the manufacturing of building materials and the purchasing of durable goods that buyers of homes often make when they move.
As a result, China’s economy is currently experiencing extreme uncertainty. Additionally, about 28.1% of businesses in the private sector—which employs roughly the fourth and fifth of all Chinese workers—saw losses at the end of May. Private businesses have also reduced their fixed asset investments, which has an impact on the labour market and household earnings.
Young workers have lost their jobs due to the current scenario, especially because the unemployment rate for people aged 16 to 24 reached a record high of 21.3% in June. People in China are now forced to priorities saving money rather than spending it in order to secure their future.
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