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China showed worst economic performance in 30 years

Mon Mar 16, 2020
watermark Economic news

Since the beginning of 2020, the Chinese economy has experienced the most severe recession in the last 30 years, caused by the rapidly spreading coronavirus and aggressive measures to contain it. Industrial production, retail sales and investments in the country's economy have fallen enormously.

Industrial output in January-February fell even more than analysts had expected – by 13.5% compared to the same period last year. Such indicators were the weakest since January 1990.

Investments in fixed assets fell by 24.5% compared with last year's statistics. Investments in the private sector decreased by 26.4%. Retail sales sales declined 20.5% per year.

China's unemployment rate is also updating multi-year highs. The indicator rose to 6.2%, becoming the highest since the publication of official reports in 1990.

Chinese analysts note that the shock to the Chinese economy from the coronavirus epidemic was even stronger than the global financial crisis. Experts are sure that the policy of the central government should be aimed at preventing large-scale bankruptcies and unemployment.

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