Prolonged lockdowns in China would pose a greater risk to global trade and economic growth prospects than the war in Ukraine, the CEO of Europe’s largest logistics company told Nikkei Asia in an interview.
Frank Appel, chief executive of Deutsche Post DHL Group, the German-based logistics giant, said last week that the COVID-related lockdown measures in and around Shanghai have created uncertainties for production and supply chains. This could hamper global economic growth if the lockdowns continue, he said, citing economists and his own observations of the industry.
“The picture of China’s lockdown is changing on a daily basis… It will have significant impacts on the trade out of China and into China,” Appel said. “The impact [on trade and the economy] will be quite significant, bigger than the impact of the war in Russia and Ukraine, as the market is very big.”