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Global Health Econ Sustain An analysis of national economic resilience

Figure 2. Quarterly gross domestic product and its growth rate.
Note: Figure 2 was created with Excel Figure 5. Monthly customer satisfaction index and consumer confidence
index

Figure 3. Contribution of quarterly consumption, investment, and net
exports to gross domestic product growth
Figure 6. Quarterly economist confidence index and economist spot
prosperity index

After the trough, consumers and economists’
expectations on economic development experienced a
phase of first getting better and then getting worse. After
June 2020, the epidemic was controlled, enterprises
resumed production, and people resumed original life,
greatly restoring consumers and economists’ confidence
in the economic development in China. However, the four
indexes showed a downward trend after the first quarter
of 2021. On the one hand, the central bank gradually
tightened monetary policy to prevent inflation. On the
Figure 4. Monthly purchasing managers’ index other hand, governments still adopted very strict closure
measures in those areas with small-scale outbreaks during
expectations about China’s economic development. After the stable stage.
the outbreak of the epidemic, the customer satisfaction
index and consumer confidence index decreased by a large 5.2. Industrial dimension
margin (Figure 5). On the one hand, residents were isolated 5.2.1. Structure of the three industries
at home and their consumption behavior was restricted at
that time. On the other hand, most enterprises stopped The three industries were affected by the COVID-19
production, worsening the consumer’s expectation of epidemic to varying degrees (Figure 7). Among the three
future consumption. At the same time, economists were industries, the tertiary industry, which mainly encompasses
not optimistic about China’s economic development due the service industry, was the most severely hit by this
to the COVID-19 epidemic (Figure 6). epidemic. The contribution rate of the tertiary industry to

Volume 2 Issue 2 (2024) 8 https://doi.org/10.36922/ghes.1842