Widespread lockdowns in China akin to the measures just taken in the southern technology hub of Shenzhen could affect half of the country’s gross domestic product.
Authorities on Sunday placed Shenzhen’s 17.5 million residents into lockdown for at least a week amid a surge in COVID-19 infections in the city, an action that Bloomberg Economics said will deal a "direct hit” to Guangdong province, which accounts for 11% of GDP.
As cases jump elsewhere, half of China’s GDP and population will be impacted by the latest outbreak, according to economists at Australia & New Zealand Banking Group Ltd.