China says its economy shrank by 6.8% in the first quarter as the country battled coronavirus

  • China reported that its first quarter GDP contracted by 6.8% in 2020 from a year ago as the world’s second largest economy took a huge hit from the coronavirus outbreak, data from the National Bureau of Statistics of China showed. 
  • Analysts polled by Reuters had predicted China’s GDP would shrink by 6.5% in the January to March quarter, compared to a year ago. The forecasts from 57 analysts polled ranged from a 28.9% contraction to a 4% expansion. China’s economy grew 6% in the previous quarter, from September to December 2019.
  • The country is facing tremendous pressure amid increasing uncertainties and instabilities from the coronavirus outbreak, said the statistics bureau. The country is also facing new difficulties and challenges in resuming work and production.

 (Source: CNBC)