• Friday, April 19, 2024
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BusinessDay

China’s economy shrinks for the first time in decades

china-economy

The Coronavirus pandemic has dragged China’s economy into its worst three-month period in decades.

The world’s second largest economy shrank 6.8 percent in the first quarter of 2020 compared to a year earlier, according to government statistics released Friday.

The plunge is the worst for a single quarter that China has recorded since it started publishing those figures in 1992.

It’s also the first time China has reported a contraction since 1976.

 

BUNMI BAILEY