China’s Growth Slows As Pandemic Fears Continue

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After a year of pulling the global economy out of the pandemic slump, China’s growth is now starting to slow.

The rising cost of raw materials is eating away at the profits of factories and retailers. People are hesitant to spend because small COVID-19 outbreaks remind them that the pandemic is not over yet.

China reported on Thursday that its economy grew 7.9 percent from April to June compared to the same period last year. While this speed is still stronger than many other countries, it is noticeably slower than in Europe. 18.3 percent jump The economy did in the first three months of the year and fell short of forecasts.

The lesson for the rest of the world is that even with outbreaks under control, the effects of the pandemic can undermine consumer confidence and hurt companies’ margins. This raises questions about the resilience of recovery in other countries’ economies as outbreaks recur from the south of the Americas to parts of Britain, Indonesia and Australia.

joyful and Liu Yi contributed to research.

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