Yellen warns of ‘negative spillover’ from China’s economic slowdown

On Monday, Treasury Secretary Janet Yellen issued a warning about the potential contagion effects of the decelerating Chinese economy.

However, she maintained that a recession in the United States is unlikely to occur this year.

The release of new data on Monday revealed that China’s gross domestic product (GDP) experienced a modest growth of only 6.3% in the second quarter (April to June).

This sluggish performance can be attributed to declining exports, weakened consumer spending, and an extended downturn in the critical property market, Fox Business reported.

The lower-than-anticipated GDP figures depict an anemic economy struggling to recover from the impacts of the COVID-19 pandemic and stringent lockdown measures.

READ MORE: https://www.foxbusiness.com/economy/yellen-warns-negative-spillover-china-economic-slowdown

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