A financial analyst and an investment expert told The Epoch Times that the deterioration of China’s economy—one of the world’s largest consumer markets—will inevitably drag down the global economy.
Moreover, global smartphone shipments are headed for their worst year in over a decade, as continued economic uncertainty in China has weakened consumer spending.
Worst Year in a Decade for Smartphones
Counterpoint Research, a global market research and consulting firm, said in a report on Aug. 17 that global mobile phone shipments are expected to drop 6 percent year-on-year to 1.15 billion units in 2023, the lowest level in a decade, mainly due to the deteriorating economy in China and sluggish demand in the United States.
