Many US firms’ Revenue Forecasts reduced due to Shanghai Lockdown

Starting this week, China imposed a lockdown in its biggest city, Shanghai, following a massive resurgence in the number of Covid infections. This eventually led to the shutdown of operations of many companies in the city. Following the lockdown and shutdown of operations, more than half of the US multinational companies in Shanghai have reduced their annual revenue projections. This has been found in a survey conducted by the American Chamber of Commerce in Shanghai. It was published on Friday. Nearly 167 companies participated in this survey. It was discovered that about 82% of manufacturers because of the lack of employees, inability to obtain supplies, or government-ordered lockdowns, reported slowed or reduced production. 54% of them have reduced the revenue forecasts for the year 2022 due to the lockdown while 38%  stated that it was too early to estimate the impact. Amid the ongoing lockdown, AmCham Shanghai informed that only half of the respondents were satisfied with China's pandemic efforts, and 77% had expressed dissatisfaction with the length of quarantines.