China’s reopening has upped the feel good factor ahead of Lunar New Year celebrations starting this weekend.
| For months forecasters have warned that trade-dependant Singapore was in for a brutal 2023. But now, as the city-state heads into a four-day holiday weekend to mark the Lunar New Year, things are looking up.
According to Citi, “global growth may yet come off the rails entirely, but it looks less likely than a few months ago”.“Specifically, we judge the probability of a full-blown global recession, in which growth in many countries turns down in tandem, is now roughly 30 per cent. This contrasts with the 50 per cent assessment that we maintained through the second half of last year. ”
China’s consumers have 120 trillion yuan in the bank he notes, and they are ready to spend, on travel, on property, and on shares. The China consumption machine is cranking back into gear.
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