Analysts from 14 institutions expect China’s economy to have shrunk 8.2% from a year ago in the first quarter—the first contraction since quarterly data started to be reported in the early 1990s. Economists differed on the impact of the coronavirus on China’s economy, with first-quarter contraction estimates ranging from 4.6% to 15 %. China’s downturn is “more disappointing than anyone expected”, said Moody’s Analytics economist Xu Xiaochun. He also noted that China’s workforce returned to work slower than anticipated, pointing to a significant contraction in the first quarter. The slow return to work also bodes badly for jobs, and the unemployment rate has already risen from last December.

Source: Hindustan Times April 16, 2020 00:59 UTC