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Other pressures on the economic expansion are hampering a post-Covid recovery. The OECD reported in June that Russia’s war in Ukraine is slowing economic recovery, triggering inflation and triggering a cost-of-living crisis that is affecting millions of people around the world. (not just in the UK).
In addition, the global economy is on track for a strong recovery from Covid-19, the war in Ukraine, as well as supply chain disruptions in China caused by the “Dynamic Zero Covid” technique are hampering the recovery. Global transport and logistics giant Maersk reported in May that, despite Shanghai’s closure for more than seven weeks, the city’s ports continued to operate, but truckers (who carry three-quarters of China’s cargo) spent 70% less time on the roads in March 2022 compared to April 2021 Ships may be able to pass into Chinese ports, but the passports manufactured have not been able to reach the ships.
The official history of China’s interior is very different. The Ministry of Commerce said in June that it deserves a solid expansion in foreign industry this year and that “there are multiple favorable points to stabilize foreign industry and the quality of the industry. “The economic news, repeated in China’s state-controlled media, is that exports rose more than 15% year-on-year in May, which is attributed to the control of Covid-19 cases. Zhao Ping, Vice Chairman of the Council of the Chinese Academy for the Promotion of International Trade, said: “Thanks to its enormous size, strength and strong resilience, China’s foreign industry will maintain a healthy expansion momentum despite demanding situations similar to the slowdown in the global economic recovery and emerging commodity prices. .
The variable economic expansion in other countries after Covid has shown that some countries have emerged from the pandemic faster than others. The IMF has forecast an economic expansion for the UK of 7. 4% in 2021, 3. 7% in 2022, but only 1. 2% by 2023. The corresponding projections for the dominance of the euro are 5. 3%, 2. 8% and 2. 3%, indicating faster growth in the UK. But economic expansion projections for China are 8. 1% in 2021, 4. 4% in 2022 and 5. 1% in 2023. Despite “Dynamic Zero Covid,” China turns out to have such a massive production scale and a diversity of industries that its economy is more resilient and can withstand prolonged shutdowns.
As Jörg Wuttke recently pointed out, China is more dependent on the European market than Europe is on China. Europe exports goods to China every day worth 600 million euros, yet China exports goods worth 1. 3 billion euros to Europe every day.
Martin Purbrick, Director of the Institute, Asia Institute Scotland