To the surprise of analysts, exports China It fell 0.3% in October compared to the same month last year.
in case if United State and decreased by 13% while those destined for European Union 9% did. In contrast, imports decreased by 0.7% and the trade surplus fell to 85,500 million US dollars.
- This is further evidence of a slowdown in the global economy as a result of monetary policy tightening in advanced countries.
Analysts estimate it There is a risk of a recession sometime in the next 12 monthsin both the United States and the Eurozone.
In the case of China, exports have a significant weight in its economy, and therefore it will also slow down if overseas markets continue to slow.
Added to this is the zero-Covid policy that may impose restrictions on some activities in certain regions of the country, which is why analysts estimate that China’s GDP will grow this year by just over 3%, which is far below the performance of the Chinese economy. The world economy before the pandemic.
In this context, the International Monetary Fund It lowered its global growth forecast for this year to 3.2% and the expansion will be lower in 2023 to 2.7%.