China Showed Worst Economic Performance in 30 Years
According to statistics, in January-February industrial production fell by 13.5% compared with the same period last year. In December, when the majority of patients with coronavirus were not yet detected in the country, this indicator grew by 6.9%. According to media reports, the decline in statistical indicators was more than expected. The biggest problems were identified, in particular, in the sphere of trade (a drop of 20.5%), investment in fixed assets (by 24.5%).
Despite statements by the Chinese authorities to overcome the peak of coronavirus in the country, analysts cited by Reuters indicate that it will take several more months for the PRC economy to return to normal. Moreover, the spread of infection around the world can lead to a global recession, which will negatively affect the demand for Chinese goods.
However, China itself claims that the effect of the coronavirus will be short-term, and decisive measures by the authorities will quickly restore the situation in the country.