Corona has created a ruckus in China. Amid the epidemic, China seems to be caught in a crisis. China seems to be indecisive about the question of whether to focus on economic reforms or to emphasize on Covid control. If China re-implements the 'Zero-Covid' policy to prevent damage from coming Covid waves, its economy will be adversely affected. Apart from this, if China implements the 'Zero-Covid' policy, then people's lives can be in danger. Now in such a situation, it would not be wrong to say that China is facing the double whammy of Covid infection and economic crisis.
China's growth rate expected to decline
Businesses and industries in China are facing losses due to the ever-increasing infection of Corona, as well as facing a partial recession. In some reports, such claims are also being made that, in the coming days, there is a possibility of more than one million deaths due to Covid infection in China. Meanwhile, the Chinese government seems to be struggling to get the ban imposed because of the negative impact on the country's economy. Economic experts have forecast China's economic growth this year to slow down to 2.8 to 3.2 percent, the slowest in five decades.
Estimates of three waves of Covid
Let us tell you that recently, for the first time, China has officially accepted the death due to Covid. Such claims are also being made in many reports that one has to wait for hours to cremate the dead bodies. Even now the situation is such that health workers are also getting infected with the coronavirus. The Institute of Health Metrics and Evaluation (IHME) forecasts more than one million deaths next year, while a third of China's population is expected to be Covid-positive by April 1, reports InsideOver. Beijing has warned of three new waves of Covid infections in the coming months. Wu Junyao, the chief epidemiologist at the Chinese Center for Disease Control and Prevention, said three consecutive waves are expected by March 2023.
working continuously
"We cremated 150 bodies (in one day), several times more than a normal day last winter," said an employee at the Beijing Dongjiao Funeral Home. Another employee of Tongzhou Funeral Home said that the number of bodies burning due to corona has increased "We are burning bodies from morning till 10 pm.
blow to the economy
A few weeks ago, people took to the streets to protest against the 'Zero Covid' policy in different cities in China and there were widespread demonstrations in the country. The 'Zero Covid' policy has failed to contain Covid infections, and it has also dealt a severe blow to China's economy, reports InsideOver. Retail sales declined by 5.9 percent, while property investment slowed by 19 percent, and industrial production and fixed asset investment slowed to 2.2 percent and 5.3 percent. The sudden shutdown of factories even as the recession hit small businesses, including restaurants, causing huge losses. The unemployment rate has reached 5.7 percent, while it has risen to 17.1 percent for youth aged 16 to 24.
The economy is not expected to improve soon
Earlier, analysts warned Beijing that its Zero COVID' policy was hurting its economy and jobs in China. Wang Zhe, the senior economist at Caixin Insight Group, said, "Some companies affected by the drop in demand laid off workers on lower wages." Now, even though Beijing has abandoned the 'Zero Covid' policy, it is not expected to revive the economy anytime soon. Rather it will get worse.
'Possibility of recession in 2023'
"I expect a large decline in industrial production in December," said Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis. A report by the World Economics Sales Managers Survey predicts a recession in China in 2023. The report states that "(the Chinese economy) may move towards recession in 2023."
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