Goldman sees China GDP contracting by 9% in Q1 rather than growing by 2.5%

Goldman Sachs cut its estimate for China's first quarter gross domestic product to a year-on-year contraction of 9% from a previous forecast of 2.5% growth, citing "strikingly weak" economic data in January and February.

China's factory production plunged at the sharpest pace in three decades in the first two months of the year, data on Monday showed, as the coronavirus pandemic disrupted the world's second-largest economy. With the pathogen spreading rapidly in other countries, growth outside of China is expected.

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