Downward pressure: Customers at a supermarket before the lockdown in Shanghai. Geopolitical uncertainties, rising commodity prices and a weak real estate sector have clouded China’s economic prospects. — Bloomberg
BEIJING: China’s economy is facing mounting pressure as experts forecast first-quarter gross domestic product (GDP) growth at below 5% year-on-year, amid calls for near-term monetary easing and the fine-tuning of real estate curbs.
The country’s first-quarter economic performance has come under the spotlight as a surge in domestic Covid-19 cases hit economic activity in big cities such as Shenzhen and Shanghai in March, after economic indicators for the January-February period beat market expectations.
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