China economic focus April 2022: Covid lockdowns weigh on growth
China’s GDP is expected to slow further to 4.4% year-on-year in Q2 from 4.8% in Q1. Covid lockdowns across China in March and April have brought significant disruptions to the logistics, service and manufacturing sectors. As a result, fundamentals of the commodity markets also weakened in March and April. With new cases starting to drop in Shanghai, we expect recovery to start from mid-May at the earliest.