(Bloomberg) — The outbreak of the coronavirus and China’s efforts to stop its spread mean economists are again revising their estimates for output this quarter, with the median forecast now for year-on-year growth to be 4.2%, the weakest in 30 years.
Australia and New Zealand Banking Group Ltd. and Barclays (LON:BARC) Plc cut their forecasts over the weekend after February factory data fell to a record low, and now expect full-year growth to be below 5%.
The median forecast last week was that gross domestic product would grow 5.5% in 2020, according to a survey of economists. That was already down from the forecast of 5.9% in January, but without taking into account the slump in the gauge of factory activities posted on Feb. 29.
Read more: China’s depleted coffers that challenge economic re-building after virus
Some analysts now expect a sizable drop in economic activity this quarter, compared to the last three months of 2019.
Economists forecasts about the economy
(Update to add new Barclays, ANZ, Nomura forecast at top of table.)
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ANZ, Barclays See China’s Economy Growing Slower Than 5% in 2020
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