China, the world’s second-largest economy – which has reopened after months of lockdown – is expected to shrink this year, according to a survey, CNBC reported.
The independent survey of more than 3,300 businesses in the country revealed that the second-quarter (Q2) recovery from the first-quarter (Q1) decline has been minimal. The gross domestic product (GDP) contracted 6.8 percent in Q1, the survey said.
“Until and unless global demand recovers more forcefully, the incremental quarterly improvement just seen will make for a contraction for full-year 2020,” according to the U.S.-based China Beige Book. “No matter the lens, gains over Q1 are marginal.”
The total number of exports fell in May after an unexpected rise in April, researchers reported.