tirsdag 31. mars 2020

China 2020 GDP to slow to 3.3%, lowest since 1976: survey

China's economy likely contracted by 3.7% in January-March quarter and will slow to 3.3% growth for all of 2020 as the coronavirus pandemic takes its toll, according to the consensus forecast of economists survey by Nikkei and Nikkei Quick News. The average forecast of 29 economists would mark the first time China's economy has shrunk since at least 1992.

Chinese industrial output and consumer spending is just beginning to recover from the outbreak, which began in Wuhan late last year and has now infected more than 640,000 people. How quickly growth rebounds is crucial for President Xi Jinping, who needs a 5.6% expansion this year to achieve the Communist Party's goal of doubling gross domestic product by 2020 compared with 2010.