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Global firms warn of sluggish China demand due to lengthy COVID curbs

Two months into harsh COVID-19 lockdowns that have choked global supply chains, China's economy is staggering back to its feet, but businesses from retailers to chipmakers are warning of slow sales as consumers in the country slam the brakes on spending.

"The current China lockdowns ... has implications to both supply and demand," said Colette Kress, chief financial officer at US chipmaker Nvidia, which forecast on Thursday a $400 million hit to gaming sales from China's stringent coronavirus restrictions. read more

Retail sales in April shrank 11.1 percent year-on-year, after falling 3.5 percent in March. UBS and JP Morgan lowered their full-year GDP growth forecasts for China to 3 percent and 3.7 percent, respectively, earlier this week.

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