The coronavirus has devastated China's economy. The 'nightmare' isn't over [CNNMoney.com]
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Source: CNNMoney.com
Coronavirus devastates China's economy and the 'nightmare' is not over Hong Kong (CNN Business) China's economy was devastated by the novel coronavirus outbreak in the first two months of the year, according to data published Monday, and analysts say the nightmare is far from over. The collapse in activity affected every sector of the world's second biggest economy, as the epidemic and draconian measures designed to contain it delivered an unprecedented shock that is now being replicated around the world. "We are in a very, very unprecedented period of time," Adrian Zuercher, head of Asia Pacific asset allocation at the chief investment office of UBS, told CNN Business. Retail sales plunged 20.5% during January and February over the same period in 2019, industrial output was down 13.5%, and fixed asset investment fell by nearly 25%, according to the National Bureau of Statistics. All three data points were much weaker than analysts were expecting, and the decline in industria
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