The world braces for shortages and higher prices as China doubles down on its zero-COVID strategy
like Changchun, Jilin, Shenyang, Tianjin, Shenzhen and Guangzhou—have shuttered businesses, imposed travel restrictions, or told residents to stay home.My Daughter Was Alone in the Hospital for 5 Days.’ Chinese Parents Protest Child Separation for COVID-19
China’s first-quarter GDP rose 4.8% according to data released Monday by the National Bureau of Statistics, but the bureau warned of economic headwinds. “We must be aware that with the domestic and international environment becoming increasingly complicated and uncertain, economic development is facing significant difficulties and challenges,” it said in a statement.
But China’s Premier Li Keqiang has issued several warnings about the risks to economic growth in recent weeks. The unemployment rate across 31 major Chinese cities also rose from 5.4% in February to 6% in March—the“China’s COVID restrictions are weighing heavily on its domestic demand, which has already been weak even before the recent Omicron outbreaks and lockdowns,” says Tommy Wu, a lead economist from Oxford Economics based in Hong Kong.
David Dollar, a senior fellow at the Brookings Institution, says that while specific sectors such as autos will suffer, the hit to the global growth rate should not be too severe.
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