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.
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