Chinas economy recorded the first contraction in decades in the first quarter as the coronavirus outbreak shut down large parts of the worlds second-largest economy and dimmed the global outlook.
Gross domestic product shrank 6.8% in the first quarter from a year ago, the worst performance since at least 1992 when official releases of quarterly GDP started, missing the consensus forecast of a 6% drop
China’s economy recorded the first contraction in decades during the first quarter of the epidemic coronavirus has closed many of the worlds second largest economy and the global outlook dimmed. Gross domestic product fell by 6.8% in the first quarter of last year, the worst performance since at least 1992, when the official versions of the quarterly GDP started, missing consensus forecasts of a decline of 6% . Factory output fell 1.1% in March, retail sales slipped 15.8%, while investment fell by 16.1% during the first three months of the year. The sharp contraction highlights the pressure that Chinese policymakers face when they attempt to revive the economy without destroying the efforts to contain the virus. The global recession has hit exports mainly in the second and third quarters of 2020, domestic demand is still hampered by quarantine borders and the stimulus of transmission is low amid spreading bankruptcies and job losses. China’s economy was forced to paralysis in late January that the epidemic that began in the spread of Wuhan in the country