Covid-19 lockdowns in Shanghai have added pressure to supply-chain issues. Throttled by Beijing’s zero-tolerance approach to Covid-19, China’s economy is facing a spell of slower growth. Economists are toying with the term “recession” to describe it. A recession commonly means two straight quarters of contraction, and that remains unlikely for China, many economists say. The country has many ways to ensure it posts stronger growth than the U.S. and Europe this year, including the ability to unleash heavy government spending. But economists say that underlying conditions, worsened by Covid lockdowns in Shanghai and elsewhere, are starting to feel more akin to a recession—something China hasn’t experienced in decades. Millions of new graduates are struggling to find a job. Business confidence has fallen. Imports have plummeted and nervous Chinese are socking away more savings. On Saturday, purchasing manager indexes released by China’s government showed contractions in factory and service-sector activity […]