China largest recipient of foreign direct investment last year.

China was the largest recipient of foreign direct investment in 2020 as the coronavirus outbreak spread across the world during the course of the year, with the Chinese economy having brought in $163 billion in inflows.

China’s $163 billion in inflows last year, compared to $134 billion attracted by the United States, the United Nations Conference on Trade and Development (UNCTAD) said in a report released on Sunday. In 2019, the United States had received $251 billion in inflows and China received $140 billion.

China’s economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-striken 2020 in remarkably good shape and remained poised to expand further this year even as the global pandemic rages unabated.

Speed of recovery

China’s gross domestic product grew 2.3 per cent in 2020, official data showed last week, making China the only major economy in the world to avoid a contraction last year. The world’s second-largest economy has surprised many with the speed of its recovery from the coronavirus jolt, especially as policymakers have also had to navigate tense US-China relations on trade and other fronts.

Overall, global FDI had collapsed in 2020, falling by 42 per cent to an estimated $859 billion, from $1.5 trillion in 2019, according to the UNCTAD report.

“FDI finished 2020 more than 30 per cent below the trough after the global financial crisis in 2009”, the UNCTAD said on Sunday.

FDI flows fell by 37 per cent in Latin American and the Caribbean, by 18 per cent in Africa, and by 4 per cent in developing Asia, the report added. East Asia accounted for a third of global FDI in 2020, while FDI flows to developed countries fell by 69 per cent. – (Reuters)

The Irish Times

The Irish Times online. Latest news including sport, analysis, business, weather and more from the definitive brand of quality news in Ireland.

https://www.irishtimes.com/

Related news
'Partisan junk food': Keilar sounds off on Tucker Carlson's show.

'Partisan junk food': Keilar sounds off on Tucker Carlson's show.

CNN's Brianna Keilar rolls the tape on Fox News host Tucker Carlson for his role in touting partisan propaganda on his show. #CNN #News

COVID Plunging Many Kenyans Deeper into Poverty

COVID Plunging Many Kenyans Deeper into Poverty

One year into the pandemic, aid group says a majority of families are now going hungry, with many surviving on one meal a day

Women Survive Slavery, Challenge Status Quo in Documentaries.

Women Survive Slavery, Challenge Status Quo in Documentaries.

‘Sabaya’ and ‘Writing with Fire’ shine a light on women defying the odds in the face of brutality and corruption

International Women’s Day Marks Year of Increased Hardships for Women Worldwide.

International Women’s Day Marks Year of Increased Hardships for Women Worldwide.

Women have lost employment at higher rates than men around the world due to the coronavirus pandemic

Raymond Arroyo questions why Biden is 'so racially obsessed'.

Raymond Arroyo questions why Biden is 'so racially obsessed'.

FOX News contributor recaps the president's week in 'Friday Follies.' #FoxNews #Ingraham Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all-encompassing news service delivering br...

NBC News NOW Full Broadcast - March 5th, 2021 - NBC News NOW.

NBC News NOW Full Broadcast - March 5th, 2021 - NBC News NOW.

» Subscribe to NBC News: » Watch more NBC video: NBC News Digital is a collection of innovative and powerful news brands that deliver compelling, diverse and engaging news stories. NBC News Digital features NBCNews.com, MSNBC.com, TODAY.com, Night...