China has experienced it’s worst economic contraction in decades as a result of COVID-19 – and it’s grim news for the rest of the world.
But they have been cutting growth forecasts and pushing back recovery timelines as negative trade, retail sales and other data pile up.
But cinemas, hair salons and other businesses that are deemed non-essential but employ millions of people are still closed. Tourism is struggling to recover. That is a blow to automakers and other companies that hope China will power the world economy out of its most painful slump since the 1930s.Mr Lizhou said his company, which has yet to reopen, is paying him 1500 yuan per month but his finances are strained paying a mortgage.“I will save money to get through possible difficulties,” he said.
Forecasters including Oxford Economics, UBS and Nomura say China will have little to no economic growth this year. Beijing is trying to prop up activity by spending more on building next- generation telecoms networks and other projects.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus updates LIVE: Global COVID-19 cases surpass 2 million, Australian death toll stands at 63If you suspect you or a family member has coronavirus you should call (not visit) your GP or ring the national Coronavirus Health Information Hotline on 1800 020 080.
Read more »
WHO regrets Donald Trump funding halt as global coronavirus cases top two millionThe US President has sparked global condemnation for his decision to halt WHO funding while the number of coronavirus cases around the world surpasses two million.
Read more »
Coronavirus updates LIVE: Global COVID-19 cases surpass 2 million, Australian death toll stands at 63Governor Andrew Cuomo has ordered New Yorkers to wear face masks in public, saying people will have three days to obtain a mask or face cover before the order will be enforced. Follow our live coverage here:
Read more »
Two million COVID-19 cases worldwide from global pandemicThe official number of cases of coronavirus around the world surpasses two million.
Read more »
Global COVID-19 infections pass 2 million, tens of millions get emergency chequesGlobal coronavirus infections have passed two million as tens of millions of people began to receive emergency relief cheques and retail sales in the world&x27;s largest economy suffered a major hit.
Read more »
Global economy in 'very deep recession' as decade of US job creation wiped outA decade of job creation in the US has been wiped out in just a month because of coronavirus.
Read more »