12/19/2022, 3:43 AM (Source: TeleTrader)
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Survey: China's business confidence drops to 10-year low

The World Economics revealed on Monday in its survey, which has been collecting information since January 2013, that Chinese business confidence dropped to lows unseen in almost a decade in the last month.

"The survey suggests strongly that the growth rate of the Chinese economy has slowed quite dramatically, and may be heading for recession in 2023," World Economics shared.

Such a drastic fall in the index was attributed to the COVID-19 situation as "the percentage of companies that claim to be currently negatively impacted by COVID has risen to a survey high," World Economics noted.

Baha Breaking News (BBN) / AY