Shangai Lockdown: China’s economy at stake
Shanghai Lockdown will likely be devastating to businesses that rely on consumer spending, but economists say the city’s industrial sector will be able to weather the storm, mitigating threats to the global supply chain.
According to Liu Peiqian, China economist at NatWest Group Plc, the eight-day lockdown in Shanghai, a city of 25 million people, and the lingering effects of the measure, China’s economic growth in the first and second quarters could be cut by up to 0.4 percentage point compared to a year ago.
The restrictions, which will affect half of the city at a time, will prevent residents from leaving their homes in an attempt to contain China’s worst Covid outbreak since Wuhan in early 2020.
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