Shanghai scrambles to avoid zero-Covid economic disaster Business

Supply was in danger of running out as suppliers to these companies were unable to continue operating, while exports plummeted after logistics systems, from trucks to ports and shipping, were shut down.

The latest figures show another 293 Covid cases in the country on May 28.

Beijing’s efforts to pull itself out of the pandemic have been difficult due to declining participation rates, especially among vulnerable older people, and a case where the country continues to use Chinese-made pharmaceuticals despite fears that they will not be as effective as those developed in the west.

According to Goldman Sachs, less than two-thirds of people over 60 have received booster doses.

Its data shows that at least nine cities, including Beijing and Shanghai and covering a tenth of the economy’s GDP, have been subject to full or partial shutdowns imposed since omicron arrived in the country.

Unemployment rose to 6.1%, against a target of 5.5%, and Goldman economists expect China’s GDP to grow 4% this year, well below the target which is also by 5.5%.

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This notice was published: 2022-05-29 17:21:10

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