Weakest growth in 40 years: Chinese GDP to be affected by virus outbreak
China’s second-largest economy is expected to show the weakest growth in more than 40 years this year due to the corona crisis. Economists predict that, polled by Bloomberg news agency.
According to economists, growth will be 2.9 percent this year, which would be the slowest pace since a contraction in 1976, the year of Mao Zedong’s death. Recent figures have already shown that China’s economy has been hard hit by the corona virus and measures to curb the outbreak. As a result, public life in China largely came to a standstill.
For the first quarter of this year, the Chinese economy is expected to contract by 6 percent. The economy may rebound later this year, but it depends on the pace of resumption of activity and measures taken by authorities to stimulate the economy. This recovery could be undermined by the spread of the virus elsewhere in the world, putting pressure on demand for Chinese products.