But the consumers whose spending propels China’s economic growth are still afraid of losing their jobs or catching the virus. But forecasters expect little to no growth in this year’s total spending on clothing, food and other consumer goods. With factories closed and some 800 million people told to stay home, consumer spending shrank 23.7% from a year earlier and manufacturing fell 13.5%. That is dragging down global growth forecasts. That kept experienced workers in place and supported consumer spending.

Source: Manila Times April 16, 2020 02:03 UTC