China witnesses first GDP decline since 1992; Covid-19 death toll revised up by 50%

11:20:00 AM, Friday 17th of April 2020 | in business

China's economy shrank for the first time since at least 1992 in the first quarter, as the coronavirus outbreak paralysed production and spending, raising pressure on authorities. Meanwhile, Wuhan’s prevention and control taskforce revised the death toll in Wuhan upwards by 50%, from 2,579 to 3,869. Gross domestic product of China fell 6.8% in January-March year-on-year, as a stimulus package is awaited.