Economics
China’s Economy to Grow the Slowest Since 1976 This Year
- Downgrades prompted by weak data and global recession risks
- Barclays sees China’s economy shrinking by 15% in 1Q
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China will see the slowest growth this year in more than 40 years according to economists, who have drastically slashed their forecasts for the economy after an across-the-board slump in activity in the first two months of the year.
The economy will grow 2.9% this year, according to the median of 17 forecasts over the last week. That is the lowest since a contraction in 1976 - the final year of the Cultural Revolution which wrecked the economy and society, and the year Mao Zedong died.