Delayed reopening may hit China's GDP growth rate by 1 point: Oxford report

If China pushes back its economic reopening to the first half of 2024, an anticipated recovery in private consumption will be delayed, says the report

A longer-than-expected Covid Zero reopening may shave almost one percentage point off China’s gross domestic product growth next year, according to Oxford Economics Ltd.
 

If China pushes back its economic reopening to the first half of 2024, an anticipated recovery in private consumption will be delayed, Oxford Economics’ senior economist Louise Loo wrote in a Friday report. That may knock almost a full percentage point off the firm’s projected growth forecast of 4.2% for 2023.

“Risks to our near-term macro outlook have clearly tilted to the downside,” Loo said in the report, referring to the negative economic impact from surging