Guangdong records weakest growth in 20 years

Guangdong province recorded its weakest economic growth rate in 20 years in the first quarter of 2009, the South China Morning Post reported. First-quarter growth was 5.5% this year, down from 10.5% growth in the period a year before and 9.2% growth in the fourth quarter of 2008. The figures come ahead of national GDP growth numbers to be released this week. National first-quarter GDP growth is expected to be as low as 6.8%. Guangdong’s export-heavy economy has been hit hard by a global downturn in demand. However, the province maintains a GDP growth target of 8.5% this year, higher than the 8% target Beijing has set for the country as a whole. While Guangdong’s growth rate has slowed significantly, economists say that macroeconomic indicators such as industrial production and fixed-asset investments suggest a recovery could be on the horizon.