China’s economy at ‘breaking point’

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China’s mission to wipe out COVID-19 has left its economy in shambles. China’s economy is reeling as the nation continues its mission to wipe out COVID-19.

The Yuan is weakening by the day, growth forecasts have been slashed, and the government has shifted into recovery mode.

On Tuesday, Societe Generale analysts suggested that the Chinese economy has been pushed to “near breaking point” as a result of the lockdowns, which have brought entire cities to a halt.

This, in turn, has lead to supply chain issues, panic buying, and a general sense of uncertainty for those in China and around the world.

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As CNN reports, investment banks have reduced their expectations for China’s economic growth, with the International Monetary Fund putting it at 4.4 percent, down from 4.8 percent and far below the Chinese government’s forecasted 5.5 percent.

The Yuan has dropped to its lowest level since 2020, and the Chinese stock market is not faring much better, with tech stocks being among the hardest hit.

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