China\u0027s COVID reopening uptick not enough to steer the rest of the world away from downturn, says David Rosenberg. Read more
The uptick in travel will boost not just China , but also tourist destinations in neighbouring countries, while the jump in output should be supportive of commodities such asWe’re cautious, however, about the longer-term outlook because increased mobility, further inflated this month by travel related to the Chinese New Year, combined with poor vaccine efficacy do not bode well for the fight against COVID-19.
This massive pent-up demand for travel should come as no surprise after severe restrictions to mobility over the past couple of years, courtesy of COVID-19. This is supportive of demand for luxury goods and output . The surge in travel related to the Spring Festival, coupled with poor efficacy of domestically produced vaccines — which explains in part why new infections remain elevated despite a nearly 90 per cent full vaccination rate — may lead to an increase in COVID-19-related deaths .Article content
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