According to the National Bureau of Statistics of China, the country saw a 6.8% decrease in its GDP for the first quarter of 2020. This is historically China’s first decline in the economy since it started reporting the numbers in 1992.
Of course, these results were anticipated and it is just one of the many that we will see in the coming months as an after effect of the novel coronavirus.
The COVID-19 was first identified in the Wuhan city of China and within a span of a month, the country was grappling with an overwhelming number of cases each day. As a preventive measure and to curb the spread of the virus, China imposed a strict lockdown on the whole country – bringing it’s economy to a screeching halt.
However, after facing one of the worst hits from the coronavirus pandemic, the country of China is gradually coming back to life – and resuming economical operations.But the same cannot be said for other countries, notably Europe and America, where shutdowns started in March. In fact, we can expect grim results from these countries along with the rest of the world in the second quarter of 2020.
Infographic by: www.statista.com