China, the country whose whole economy has become a symbol of growth and accelerated development, published its first negative GDP report today. The data is for the first quarter of 2020, a period when China was fighting with the coronavirus and operating under a nation-wide lockdown. The GDP decreased by 6.8%.
Industrial production in China seems to be recovering fairly well for now, while the services sector remains troubled. Moreover, China revealed there were more deaths than previously reported during the peak of the pandemic.
The coronavirus continues spreading in the United States, where close to 700,000 people have been infected. Spain, Italy, and France seem stable for now, reporting fewer deaths and fewer new cases. The disease is on the rise in Russia, however.
As for the European Union’s response to the crisis, France, Italy, and Spain’s calls for joint debt are still being ignored by the more financially conservative members of the bloc.
After previously stating that he has all the power necessary to decide when to reopen the economy, US President Donald Trump now admitted that that the decision will ultimately depend on the governor of each state.
Trump will likely continue to call for a quick reopening, concerned that the economy is taking too big of a blow during the lockdown. Still, states will need to prove that the coronavirus pandemic on their territory is clearing out before they can restart regular business operations.
