Omicron is dealing a big blow to China’s economy

OMICRON MOVES fast. That makes it difficult to contain—even for China, which tries to stomp promptly on any outbreak. A cluster of infections in Shanghai, for example, has forced the government to impose a hurried lockdown for which it seems woefully unprepared.

The variant’s speed also makes China’s economic prospects unusually hard to track. A lot can happen in the time between a data point’s release and its reference period. The most recent hard numbers on China’s economy refer to January and February. Those (surprisingly good) figures look dated, even quaint. For most of that time, there was no war in Europe. And new covid-19 cases in mainland China averaged fewer than 200 per day, compared with the 23,107 reported on April 7th. Relying on official economic figures is like using a rear-view mirror to steer through a chicane.