BEIJING (Reuters) – China’s economy shrank for the first time because at least 1992 in the first quarter, as the coronavirus outbreak paralysed production and costs, raising pressure on authorities to do more to stop mounting job losses.
A walks by Beijing’s Central Downtown during early morning rush hour as the spread of the new coronavirus illness (COVID-19) continues in China, April 17, 2020, REUTERS/Thomas Peter
Gross domestic product (GDP) fell 6.8%in January-March year-on-year, main data showed on Friday, larger than the 6.5?crease forecast by experts in a Reuters poll and reversing a 6%expansion in the 4th quarter of last year.
The contraction is likewise the very first on the planet’s second-largest economy considering that a minimum of 1992 when official quarterly GDP records started.
While China has managed to get big parts of its economy up and running from a grinding halt in February, experts state policymakers f