China’s economy decreased by 6.8% in the first quarter of 2020 – this was the first such reduction since the end of the Cultural revolution in 1976. This reports the South China Morning Post , citing data from the National Bureau of statistics of China.
During the first three months of 2020, the second largest economy in the world experienced a stop due to the outbreak of coronavirus.
The real data was lower than forecast by Bloomberg 6.2% economic decline.
The Bureau of statistics also found that particularly affected the industrial sector, retail trade and investments in fixed capital, writes the edition.
Retail sales decreased by 15.8% after a record collapse of 20.5% in January and February 2020, and investments in fixed capital decreased by 16.1%.
At the end of January, the company Moody’s Analytics predicted that the epidemic coronavirus infection can become a “black Swan” for the global economy and cause more damage than the financial crisis of 2008-2009.
The international monetary Fund predicted that China’s economy will begin to recover in the second quarter of 2020.
Flash coronavirus infection COVID-19 began in December 2019 in China. March 11, 2020, the world health organization declared the spread of the coronavirus pandemic.