Coronavirus is wreaking havoc on economies around the world. Due to this global epidemic, China's economy has declined for the first time in the last 30 years. Coronavirus cases started coming in China from late December last year. The virus also started in the city of Wuhan in China. When its infection spread enough, lockdown was done in many places in China. The effect of the industrial activity being disrupted due to the lockdown is that for the first time in three decades, the Chinese economy has declined.
It will not be easy to handle loss of thousands crores due to lockdown
The world's second largest economy has gone into decline in the first three months of this year, ie in the March quarter. This has been revealed by a poll poll of economists conducted by the news agency AFP. The reason for this decline in the survey is attributed to the lockdown. Experts from fourteen institutes believe that the Chinese economy has fallen by 8.2% in the March quarter compared to the same period last year. This is the first time in three decades that the Chinese economy has declined.
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Experts estimate that China's full-year GDP growth rate will be 1.7%, which is much lower than last year. If this estimate is accurate, it will be China's lowest annual GDP growth since 1976. Last year, China's GDP growth was 6.1%.
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