Economic activity in China expanded in June after three straight months of contraction, according to official surveys of businesses and factories that point to a modest recovery after Covid-19 restrictions were eased in the world’s second-largest economy, reports The Wall Street Journal.
Economists are downbeat about the prospects for a major revival, however, given the darkening global backdrop and the risk of further Covid outbreaks.
The US and European economies slowed sharply in June as surging prices of energy and food weakened demand for other goods and services, surveys last week showed, underlining how gloomy the outlook has become as Russia’s war in Ukraine saps global growth and high inflation prompts central banks to jack up interest rates.