(Yicai Global) Jan. 17 -- China’s gross domestic product widened by 3 percent last year from 2021 while experts predict this year's growth to be as high as 4.9 percent as Covid-19 case charts tail off.

The world's second-largest economy increased its productivity gauge to CNY121 trillion (USD17.9 trillion) in 2022, the National Bureau of Statistics announced today.

As the first peak of Covid-19 cases passed, economic activities have been recovering since early this year, said Wang Tao, chief China economist at UBS. The second quarter should show a significant year-over-year GDP hike, and that, along with policy support, will drive the country’s economic growth to measure 4.9 percent during 2023, she predicted. Several international institutions have estimated that the pace of growth began picking up already late last year.

Around the world, economic growth will be 2.8 percent this year, and that of China 4.6 percent, based on a forecast by the International Finance Forum. Alternatively, the International Monetary Fund and the World Bank expect the Asian country's number to be 4.3 percent.

Last year, China achieved positive results in economic development and its fight against the Covid-19 pandemic, and that had a stabilizing macroeconomic effect, Kang Yi, head of the bureau, said at a press conference today.

However, the international situation is complicated and China faced great pressures from shrinking domestic demand, supply side shocks, and weaker expectations so the country has not built a solid foundation for economic recovery, Kang said, adding that the nation will develop its economy on the basis of stability.

China’s updated epidemic prevention and control policy is aiding the resumption of production and business as the pandemic is easing, and the economic fundamentals will recover slowly, the China Center for Economic Research at Peking University wrote in a recent report.

Editors: Shi Yi, Emmi Laine, Xiao Yi