News

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.

Shangai Lockdown
Shangai Lockdown

Read Also: Essex fire crews battle a blaze at a historic pub in Arkesden

Leave a Reply

Your email address will not be published. Required fields are marked *

error

Enjoy this post? Please spread the word :)

Discover more from Globalinfo247

Subscribe now to keep reading and get access to the full archive.

Continue reading