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Removal of COVID curbs in China to boost consumption: Bank of Finland
17 Mar '23
1 min read
Pic: Shutterstock/ Gil C
Lifting of COVID-19 restrictions in China could increase private consumption and improve global trade, as per the Bank of Finland. Contribution of private consumption to gross domestic product (GDP) had decreased during the pandemic, but could now resume to its pre-COVID-19 trend of growth.
China saw a significant boost in demand for sectors including textiles. Growing Asian economies like Cambodia and Vietnam, which export consumer goods to China, will be gaining the most in relative terms, according to a report by the Bank of Finland.
Italy and France would gain from an increase in demand for products including textiles and leather products. Additionally, exports from Ireland and Spain to China could increase.
Fibre2Fashion News Desk (NB)
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