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Fitch Trims China’s 2022 Growth Forecast on Virus Lockdowns

A worker in personal protective equipment rides along a road during a lockdown due to Covid-19 in Shanghai, China, on May 3.

A worker in personal protective equipment rides along a road during a lockdown due to Covid-19 in Shanghai, China, on May 3.

Source: Bloomberg

Fitch Ratings cut its forecast for China’s 2022 gross domestic product growth due to Covid-19 lockdowns that have hobbled the economy.

The agency trimmed its growth estimate to 4.3% from 4.8%, according to a statement from the agency on Tuesday. China’s economic activity contracted sharply in April as restrictions put in place to stem the spread of the virus closed factories, curbed mobility and snarled supply chains.