Economic activity in many cities halted as factories closed for week-long Lunar New Year holidays. The break was extended in some places — a move that will hit global supply chains.
ANZ: Maintain at 5.8%
"The government will implement restrictions on travel and shipments, which will cause disruptions to business activity," said Imogen Page-Jarrett, a research analyst. "Our outlook for 2020 remains as 'getting worse before getting better,'" said Hu in a report this week, although it's still too early to assess the damage, he added.
However, the composition of growth is likely to shift due to the impact of the virus on consumption in the first quarter that will potentially be offset by stimulus measures, said its analysts in a report last week. "In other words, the coronavirus is hitting a weaker economy than was the case with SARS," they wrote.Nomura said that "the worst is yet to come" in the outbreak as the Chinese government acts on all front to contain the virus after its initial slow reaction.
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