Chinese and American challenges could put global economy at risk

U.S. and global economies are in good shape after bouncing back from the downturn caused by the pandemic.
Growth may not be quite as explosive as previously expected. The Organization for Economic Cooperation and Development lowered its projection for global economic growth in 2022 from 5.7 percent to 4.5 percent and 6 percent to 3.9 percent for the U.S., yet economists do not see any cause for panic.
Observers have pointed out a significant cruising altitude, but there are still some factors that could knock the smooth ride off course.
The supply chain is experiencing significant difficulties, and labor shortages are hampering some sectors. Meanwhile, investors’ concerns about the emergence of new COVID-19 variants still persist, additionally, there are risks lurking in the background according to New York Times.
Other risks include the debt ceiling brinkmanship that is playing out among American lawmakers. It is highly unlikely the Republican-Democrat standoff will reach the point where the U.S. defaults, but the chances aren’t negligible, and if it were to happen, it could spark a global financial crisis.
China is also facing potential challenges, namely the fact that property developer Evergrande is struggling to make payments on USD 300 million worth of debt. There is a little breathing room because China’s banking and financial system is largely self-contained as described by the Times.