China reported its biggest decline in consumer spending and worst unemployment rate since the early months of the pandemic as COVID-19 lockdowns put a strain on the world’s second-largest economy, adding another threat to global growth.
The figures for March came alongside a stronger-than-expected acceleration in gross domestic product growth in the first quarter to 4.8%, an outcome that doesn’t capture the full extent of the economic damage from COVID-19 lockdowns in financial and trade hub Shanghai and other places from the middle of last month. Some economists also questioned the strength of the data.
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