Covid crisis is sending shivers down global markets and economy as number in China continue to rise and a deja vu of supply hurdles begin. In the latest move the U.S. State Department has ordered all non-emergency government staff and their family members in Shanghai to leave as Covid surges and told U.S. citizens to reconsider travel to China, according to an announcement dated April 11.
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Do not travel to the PRC’s Hong Kong Special Administrative Region (SAR), Jilin province, and Shanghai municipality due to COVID-19-related restrictions, including the risk of parents and children being separated,” the statement said. “Reconsider travel to the PRC’s Hong Kong SAR due to arbitrary enforcement of local laws.”
Nomura Holdings economists said the risk of recession is rising in China, estimating that about 373 million people in 45 cities are now under full or partial lockdown, making up 40% of China’s gross domestic product.