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Slow Recovery as COVID-19 Goes Global
June 10, 2022
During the past 10 days, there have been significant new developments in the global Coronavirus 2019 (COVID-19) outbreak. The number of new cases rose sharply in Iran, Italy and South Korea, business and consumer confidences sank across the world. Global equity markets suffered sharp declines, as implied volatility indices jumped. Besides its potentially dire consequences for the Chinese economy in the first quarter of 2020, now the virus is expected to have a major impact on global trade and investment. This note examines the recent developments in global financial markets, in China’s e-commerce, domestic and cross-border, as well as the progress made in terms of production resumption in the country, which is fundamental for jumpstarting growth.
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