According to the Axios, New COVID lockdowns in China have disrupted the world’s second-largest economy.
With Chinese commerce, shipping, transportation and manufacturing hobbled, global consumers could feel the effects in the form of continued supply chain issues and higher inflation.
While the number of COVID cases has been falling globally, a new subtype of the Omicron variant has driven a dramatic spike in cases in China, where the country’s government has adopted a zero-COVID policy.
Roughly 200 million people in China, or 14% of the country’s population, are in a full or partial lockdown, Nomura’s Asia Economics team wrote in a note.
Shanghai, China’s financial capital and largest city with 25 million people, entered a complete lockdown earlier this week.
