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Removal of COVID curbs in China to boost consumption: Bank of Finland

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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.

The Bank of Finland predicts that removal of COVID-19 restrictions in China could enhance global trade. China experienced a surge in demand for sectors such as textiles, benefiting growing Asian economies such as Cambodia and Vietnam that export consumer goods to China. Italy and France could gain from an upswing in demand for textiles and leather products.

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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