Beijing: China's GDP has recorded the largest decline since the disastrous Cultural Revolution of 1976 due to the Corona epidemic. It decreased by 6.8 percent in the first quarter of the year 2020. During this time, the world's second-largest economy came to a standstill due to unexpected steps taken to combat the coronavirus epidemic.
China's National Bureau of Statistics (NBS) said on Friday that China's gross domestic product (GDP) in the first quarter of 2020 (January to March) was 20,650 billion yuan (about 2910 billion dollars), compared to the same period last year. Displays a fall of 6.8 percent. According to NBS data, the first two months of this quarter saw a decrease of 20.5 percent. In this way, there was relatively little improvement in the third month.
China's economy registered a growth of 6.1 percent in 2019. This growth rate was the lowest in the last 29 years due to the trade war with America but remained above the psychological level of six percent. The Coronavirus that emerged from China's Wuhan city in December last year has severely affected China and the world, and it is clear from the latest data that it caused a major setback to China's economy, which is already undergoing sluggishness.