China's economy is forecast to be almost 10 per cent down compared to the previous three months. Shanghai stocks slid on Friday with bleak factory gate data then bounced back
Daily Mail: China is heading for 'worst financial crash in 60 years' with its economy tanking 10% due to coronavirus
* China's economy forecast to be down 10%, compared to previous three months
* The economic crash is the worst in China for the last 60 years, experts have said
* It also emerged China's auto sales sank 48.4 per cent in March from a year ago
* Analysts have warned the UK economy could shrink by up to 15 to 25 per cent
China's economy is predicted to suffer its worse crash for 60 years with a shrink of nearly 10 per cent due to the coronavirus lockdown.
Compared to the previous three months, China's economy is forecast to be almost 10 per cent down and could see a 6 per cent drop on last year.
Financial data released this week shows analysts expect China's first-quarter GDP to suffer due to the economic shutdown caused by the pandemic, which began in Wuhan and was first reported at the end of December.
A global slowdown has also led to a collapse in the oil price, exacerbated by a row between Opec and Russia.
A deal was agreed on Friday to cut supply by a record 10 million barrels a day, but it remains to be seen if this will lift the price.
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WNU Editor: The Chinese government is going all in to stimulate the economy .... Coronavirus: China claims stimulus '10 times more efficient' than US Fed, as new loans top US$1 trillion (SCMP). More here .... China March loans surge to $405 billion as coronavirus stimulus kicks in (Reuters). But this massive stimulus presents problems, as this post outlines .... Coronavirus has lit the fuse on a time bomb in China’s economy: debt (Cary Huang, SCMP). As to what are my friends and contacts are saying in China. To them China is not heading for a financial crash, it is already there.
3 comments:
America, on the other hand, is doing super. Thanks to our diaper-wearing president.
MAKAGAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!!!!!!!!!!!!!!!!
I say welcome to the club China. As an exporter of goods they need a strong world economy for their economy to be strong. It's not going to happen this year. And the foreign investments will probably dry up too. It's everyone for themselves right now.
I wonder if Lapides included the incident with his male student in his oral history? "Oral" history is an interesting way to phrase it.
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