World
China: Virus-Hit Economy Shrinks for the First Time in Decades
China’s economy shrank for the first time in decades in the first quarter of the year, as the virus forced factories and businesses to close.
The world’s second biggest economy contracted 6.8% according to official data released on Friday.
The financial toll the coronavirus is having on the Chinese economy will be a huge concern to other countries.
China is an economic powerhouse as a major consumer and producer of goods and services. This is the first time China has seen its economy shrink in the first three months of the year since it started recording quarterly figures in 1992.
