Are we going on lockdown again usa8/25/2023 This is a downgrade of 6.3 percentage points from January 2020, a major revision over a very short period. Under the assumption that the pandemic and required containment peaks in the second quarter for most countries in the world, and recedes in the second half of this year, in the April World Economic Outlook we project global growth in 2020 to fall to -3 percent. Policymakers are providing unprecedented support to households, firms, and financial markets, and, while this is crucial for a strong recovery, there is considerable uncertainty about what the economic landscape will look like when we emerge from this lockdown. In addition, many countries now face multiple crises-a health crisis, a financial crisis, and a collapse in commodity prices, which interact in complex ways. A lot depends on the epidemiology of the virus, the effectiveness of containment measures, and the development of therapeutics and vaccines, all of which are hard to predict. ![]() This is a crisis like no other, and there is substantial uncertainty about its impact on people’s lives and livelihoods. President Xi Jinping, who was elected for a third term in the Chinese Communist Party Congress, has defended the Covid zero policy in his address.ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.April World Economic Outlook projects global growth in 2020 to fall to -3 percent. China's borders are still mostly closed, and new entrants must stay in a restricted area for a 10-day quarantine.Ĭhina has repeatedly pledged to uphold its zero-tolerance policy toward COVID-19 and carry out the steps that the authorities deem essential to contain the virus. The rigorous anti-COVID-19 measures, which are still in place despite the rest of the globe opening up, have disappointed many Chinese who had hoped for some relaxation. 90% of Chinese population had completed their vaccinations as of mid-October, and 57% had had a booster dose. Since Pfizer, Moderna, AstraZeneca, and J&J are among the international vaccine manufacturers that China has rejected, its locally produced vaccines are seen as being rather useless.īefore easing its restrictions, China wants more people to receive booster shots. ![]() The demand is reminiscent of the actions taken over the summer, which resulted in a two-month lockdown of the entire population of the city that wrecked the local economy, caused food shortages, and led to unusual confrontations between citizens and the police.Īccording to the business magazine Caixin, Shanghai intends to construct a permanent quarantine station on an island in the Huangpu River that splits the financial sector as a sign that China's strict policies will be maintained in the long run. Meanwhile, all 1.3 million residents of Shanghai, the largest city in China, are being subjected to mass testing on Friday, and they will be confined to their homes at least until the results are known. Apartment blocks and neighbourhoods are now subject to stay-at-home orders if even a close contact of someone infected has visited.Īfter one guest tested positive for the coronavirus on Wednesday, the Universal Resort theme park in Beijing was forced to close. While targeted closures in the metropolises of Beijing and Shanghai continue, schools and dining at restaurants have been suspended in the southern manufacturing hub of Guangzhou.
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