China's GDP growth in 2020 may slow to a 44-year low

According to analysts, China's economic growth may slow to a minimum in almost half a century due to the crisis in many areas caused by the coronavirus epidemic.

In particular, the world's second largest economy can grow by only 2.5%, at the lowest rate since 1976. For example, last year, China's GDP increased by 6.1%.

Despite the fact that the Chinese government has begun to gradually ease restrictive quarantine measures, economic recovery is not expected in the coming months. Experts predict the loss of nearly 30 million jobs amid falling global demand.

In addition to the measures already taken, the People's Bank of China intends to reduce the required reserve ratio (RRR) for banks by another 100 basis points, as well as reduce the annual loan rate for first-class borrowers (loan prime rate, LPR) by 35 basis points to 3.70% by the end of 2020.