Coronavirus: China’s economy could shrink about 10% in first quarter of 2020 - Survey

Coronavirus: China’s economy could shrink about 10% in first quarter of 2020 - Survey

- Predictions have been made about a possible shrinking of China's economy following the outbreak of the coronavirus

- The China Beige Book (CBB) has estimated that the Chinese economy could shrink between 10% and 11% in the first quarter of 2020

- Reports say the Chinese economy is yet to fully recover after the outbreak of the coronavirus in December 2019

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An independent survey by the China Beige Book (CBB), a private firm, shows that China’s economy could shrink about 10% before the end of 2020’s first quarter.

The conclusion follows an assessment of over 3,300 Chinese businesses for several quarters.

According to the CBB, it is reasonable to expect a 10% to 11% contraction of China’s Gross Domestic Product (GDP) in the first quarter of 2020.

READ ALSO: Coronavirus: China announces new law to stop online spread of negative news

This, per a report by CNBC, is likely to occur, notwithstanding the slight upturn a few weeks ago.

Business conditions in China have revealed that the economy has not recovered as expected, given the spread and effect of the coronavirus, especially in the first two months.

The coronavirus, which first emerged in December 2020 in the Chinese city of Wuhan, has led to the deaths of over 3000 people in mainland China.

It has spread all over the world and over 11,000 people have been affected, it has been estimated.

This has led to measures in various countries such as travel restrictions and lockdowns and has led to fears of a possible global recession.

Meanwhile, the Chinese province of Hubei, which is regarded as one of the hardest-hit areas, has reported no new infections for the first time since the outbreak of the coronavirus.

The revelation has marked a turning point in the spread of the virus, which has infected almost 81,000 Chinese.

However, as the infections dwindle to zero, China faces another challenge as some citizens of other countries continue to add to the number of infected people.

The spread of the coronavirus had led to a possible contraction of the world’s second-largest economy.

The significant change in events comes at a time when the country is struggling to find its feet after a devastating spread in the city of Wuhan in January 2020.

READ ALSO: Coronavirus: Banker says gov't should forget about China and produce more food for Ghanaians

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Source: Yen

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