The world’s second largest economy contracted 6.8% in the first quarter of 2020, the first such decline since it began reporting official statistics in 1992. Mass factory shutdowns and quarantines due to the coronavirus led factory output to fall 1.1% in March, retail sales to plunge 15.8%, and investment to drop 16.1% between January and March this year. This comes after China registered 6% growth in the last three months of 2019.
- Economic growth in Asia-Pacific is likely to reach a standstill for the first time in 60 years due to the coronavirus, the International Monetary Fund has predicted. Half the world’s nations have It also said that half of the world’s countries — over 100 in total — have approached it for emergency loans.
- The Asian Development Bank has rolled out a $20 billion package to help developing nations fight the coronavirus’ economic impact.
- Here for more on this