Goods are shipped worldwide. But supply chain problems, lockdowns and inflation are shaking the global economy.
(Photo: dpa)
Beijing, Berlin, Dusseldorf, Brussels The bad news for the global economy continues. In China, retail sales, a key indicator of consumer confidence, fell 11.1 percent in April compared to the same month last year. Industrial production also fell by 2.9 percent.
Analysts had expected a slight increase compared to the previous month. The second largest economy in the world is suffering above all from the repeated hard lockdowns that Beijing is imposing as part of its rigid zero-Covid strategy.
There were also setbacks in Europe on Monday: mainly because of the Ukraine war, the EU Commission cut its growth forecast for the euro area from 4.0 to 2.7 percent. The revised estimate is also subject to “extreme uncertainty” and “high downside risks”. At the same time, the EU expects an inflation rate of 6.1 percent in the euro area for the current year.
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