China’s Economy Contracts for First Time in 44 Years

China is the first major country to report a sharp drop in GDP due to Coronavirus. The first three months of this year saw a sharp double digit drop down to -6.8%. This may, however pale in comparison to the UK’s Q2 expectations, where an OBR’s scenario modelled a 35% fall in GDP. Lockdown means the economy goes down…

This is the first economic contraction China has seen since the country began officially reporting quarterly GDP figures in 1992. According to World Bank data this is the first time the country’s economy has contracted since 1976, 44 years ago.

The unwelcome economic news came on the same day the CCP revised up its Wuhan coronavirus death count by 1,290 to a new total of 3,869, an increase of 50%. This will be seen as an embarrassing admission that Chinese death figures have been wildly underestimated due to perverse incentives from the CCP government. Guido expects this will not be the last time the figures will have to be revised upwards…

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mdi-timer April 17 2020 @ 15:04 mdi-share-variant mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-printer
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