The world is already facing casualties because of the Russia Ukraine war; the outbreak of covid is started again in China.
China has gained overall control over the spread of covid-19 and bringing the covid case almost zero, but the outbreak of omicron variant is creating a threat in China again and causing lockdown in whole cities; if the spread of omicron is not stooped, it would severely affect the economy of the country, and it will weaken the pillar of the global growth.
Any disturbance to exporting goods from China can cause inflation on a global scale; from Wednesday, the federal reserve will be hiking interest rates just like central banks, a survey of fund manager has been released by the bank of America corporation on Tuesday, tells that there has been the slowest growth from 2008 July and this was conducted on 10th March.
For the first time in the pandemic, more than 5,000 new infections were detected; according to global standards, they are planning to lock many cities worldwide; more than 45 million people have been already restricted from leaving their houses.
On Sunday, in Shenzhen, 17.5 million residents were put into lockdown, this place is located in Guandong, a powerhouse province, and its GDP is around 1.96$ trillion. It accounts for about 11% of China’s economy.
In 2021 china’s 23% shipments was produced by Guandong itself and which generated a revenue of a total of 795$ billion.