While China’s growth next year is expected to be far slower than the historic (31) ________ it has become accustomed to over the past four decades, it is unlikely that its GDP will contract for two quarters. After all, even an eight-percentage-point decrease in Chinese GDP growth during the peak of the 2008 global financial crisis was not enough to cause its domestic output to shrink in absolute terms. This is yet (32) ________ example of the flaws in defining recession by the rule of two ...

While China’s growth next year is expected to be far slower than the historic (31) ________ it has become accustomed to over the past four decades, it is unlikely that its GDP will contract for two quarters. After all, even an eight-percentage-point decrease in Chinese GDP growth during the peak of the 2008 global financial crisis was not enough to cause its domestic output to shrink in absolute terms. This is yet (32) ________ example of the flaws in defining recession by the rule of two consecutive quarters of negative GDP growth. (33) ________, many countries’ current economic woes are self-inflicted, owing to policy errors (34) ________ have been as harmful as they were predictable. Between 2011 and 2021, for example, Europe needlessly deepened its dependence on Russian natural gas, leaving it exceedingly vulnerable when the Kremlin, (35) ________ its war against Ukraine. Likewise, China’s draconian zero-Covid policy came at a high economic cost, while the absence of a plan for how to ease pandemic restrictions meant its containment strategy merely postponed Covid mortalities.

(Adapted from www.theguardian.com)

While China’s growth next year is expected to be far slower than the historic (31) ________ it has become accustomed to over the past four decades, it is unlikely that its GDP will contract for two quarters.