20.1 C
New York
August 17, 2022
Asia Pacific Business China Chinese economy Coronavirus Economics Global economy news World news

China’s economic growth slumps sharply after Covid lockdowns

Shutdown of cities takes its toll, while property market remains in crisis and global outlook darkens

China’s economic growth has slowed sharply in the second quarter of the year, official data showed on Friday, highlighting the colossal toll from widespread Covid lockdowns and casting doubt over whether its pre-ordained growth target can be met.

Output contracted by 2.6% between April and June compared with the previous quarter, the statistics bureau said, prompting many economists to revise their predictions for the world’s second biggest economy.

Continue reading…

Related posts

‘We have not seen the preparation’: Labor attacks Coalition after Dutton’s declaration on war


Pro-Beijing candidates sweep Hong Kong ‘patriots’-only elections


Liz Truss to take on Brexit brief after David Frost resignation