Will COVID-19 hurt more than the financial crisis?

Data from China overnight provided a first glimpse of what the coronavirus can do to an economy amid a prolonged quarantine of millions of people.

Industrial output tumbled by 13.5% and total retail sales plunged by 20.5% Y/Y in January and February, according to the National Bureau of Statistics.

The urban unemployment rate surged to 6.2% in February, the highest level ever reported, and fixed asset investment slumped by 24.5% (down from 5.4% in the prior period).

“The latest activity and spending data were much weaker than expected and point to a far deeper downturn than during the global financial crisis,” according to Capital Economics.

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