China's Reversal of COVID Policy Will Have a Big Impact on the Global Economy

The sudden reversal of policy in China has been chaotic to start with, as factories have been struggling to deal with high absenteeism due to sick workers. Illness is not the only problem that China is faced with though. The nation is confronted with a slowing global economy dragged down by high inflation, an energy crisis and geopolitical turmoil. Faced with higher interest rates, Western shoppers have been tightening their belts and spending less which doesn't help the export driven Chinese economy.