China’s economic growth has stunned experts, growing faster than expected in the first quarter
Figures show the economy expanded by 4.8 per cent year on year – 0.4 per cent higher than forecasted.
But this may still take a turn with the country at risk of a sharp slowdown over the coming months.
This decline is being triggered by COVID-19 restrictions and the war in Ukraine.
China’s GDP rose 1.3 per cent between January and March.
But retail sales crashed largely due to COVID curbs across China, falling 3.5 per cent.
Experts are predicting April data to worsen fuelled by Shanghai’s lockdowns and a rising unemployment rate the highest since May 2020.
China’s covid-zero policy has aggravated the country’s economy and the global supply chain clogging highways and ports, leaving workers stranded and shutting down dozens of factories.
