China suffers worst quarter for six decades, raising fears for health of global economy
China suffered its worst quarter for six decades, raising fears for the health of the global economy.
Output in the world’s second largest economy fell by 10 per cent in the first quarter, compared with the previous three months, ending years of supercharged growth.
The dramatic drop means the Beijing government will miss its target of doubling the economy in the 2020s, according to Oxford University’s China Centre.
Health fears: Output in the world’s second largest economy fell by 10 per cent in the first quarter, compared with the previous three months
When the figure is released this week, it will act as a yardstick for determining the impact of the coronavirus pandemic.
Stock markets have faced enormous volatility as traders try to determine how hard companies will be hit by widespread lockdowns.
The US markets had their best week since 1974 despite unemployment rising by 6.6m in seven days.
Experts have predicted the UK economy will shrink at its fastest rate since the 1920s, but a recovery before the end of the year is still priced into markets.
Last week more than 1.2m Britons had signed on for Universal Credit.