CHINA'S gross domestic product (GDP) in the first three months of the year shrank by 6.8 per cent, its lowest rate on record as the coronavirus pandemic bought the world's second-largest economy to a standstill. Read more at The Business Times.
With hopes for V-shaped recovery dashed, China now looks poised for a long recovery which could last most of 2020 before an expected rebound in 2021.
Figures for March edged up compared to the compiled data for the January-February period, a sign that some parts of the economy are up and running. This is in line with March Purchasing Managers' Index and trade data published earlier which showed a clear monthly uptick. Retail sales, a gauge of consumption, fell by 15.8 per cent, following a record 20.5 per cent collapse in the first two months as consumers stayed clear of restaurants and shops.
Both the International Monetary Fund and the World Bank have forecast dismal growth figures for 2020, with the IMF saying the world would face its worst financial crisis since the Great Depression. Beijing has responded aggressively to the slowdown with a mix of fiscal and monetary easing measures while staying clear of a full-blown stimulus which would risk trapping its banks in another debt cycle.
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