Jhanvi Tripathi, Observer Research Foundation:
The global economy in the last five years has faced multiple shocks to its system. The trade war between US and China, the COVID-19 pandemic, the war in Ukraine, and the resultant oil and food security crisis have all been contributing factors. In the midst of all this, China’s Zero-COVID policy has become another burden to the system.
While reports suggest that the policy is being rolled back due to citizen protests—in itself a shocking occurrence for the country—the economic damage is not so easy to reverse. The urge to move away from China as a manufacturing centre has been front and centre amidst this turmoil.